Whatever happens this afternoon 1.0685 should prove a very tough level to break

If you have read updates here over the past 3-4 days you will know the price action and outlook for the EUR/USD has been highlighted a few times. So, in those updates the prospect of the Euro making it back to a test of the neckline, in place around 1.0685 is not ruled out. In fact in most cases a pullback to test the neckline is a textbook piece of price action once the formation starts to unfold. That is not to say the Euro will get back up there today though. Right now it looks like it will take some significant fresh news, or perhaps an awful US sales report to deliver another 100 pips on the topside ahead of the weekend.  However, even if that does play out, then in most cases a test of the neckline, in this case at 1.0685, will cap the topside before the downside trend resumes. So, we shall see if it gets up there today, but for now do not hold your breath-please. The EUR/USD is currently trading near the high of the day so far (1.0580), currently at 1.0577