EURUSD retracing from major resistance level
The EURUSD pair hit a two year resistance level in the beginning of January (A) and has been retracing for three weeks now. The course made a new low on the 18 January (B), then it tried to climb back up with little strength and made a new relative high (C). If the price managed to go above this latest high at C, it could test the major high at A. Breaking above this high could pave the way for further rise.
On the other hand, if the course broke below the previous low at B, it would trade below its moving averages and could fall to the next support line at D.