Looking first at the chart of EUR/USD, the pair remains in a medium-term downtrend of its December high near 1.1100. From a shorter-term perspective, the pair is forming a Bullish Engulfing Candle off 1.0730 today’s price action; for the uninitiated, a Bullish Engulfing candle is formed when the candle breaks below the low of the previous time period before buyers step in and push rates up to close above the high of the previous time period. It indicates that the buyers have wrested control of the market from the sellers and shows potential for more upside in the coming days. To the topside, the resistance area to watch comes from the 5-month bearish trend line near 1.0800, with bulls looking for a confirmed break above that zone before growing more constructive on the pair. A break below previous support/resistance at 1.0730 would flip the near-term bias back in favor of the bears heading into next week.