The EURUSD has been tricky lately and today ahead of German IFO and Mr.Dragi's speech I'd say the pair might break either way in short-term outlook. We have established a nice support area but in the same time all the trendline resistances have held and we are still very much in range. No important levels have been broken. One small piece of evidence that makes the picture look a bit more bullish than bearish for me, is the Time Element showed on the chart.