Potential LONG EUR/USD to watch for on Sunday's open.
Over the higher time frames (8H and above) , positioning trendlines is never straightforward and the best you can do is an approximation.
On lower time frames this task is much simpler and less open to interpretation.
That said, the EUR/USD has thrown up an intriguing confluence of possible trendlines which also coincides with an area of support/resistance and the 38.2 Fibonacci of the DTF.
So what does this all mean?
My assessment is that if EUR/USD is going to arrest its current decline then it will do it here so I'll see how we open Sunday and see where prices are 2 hours later.
If buyers do not enter the market this could confirm EUR/USD current move south and we could be headed back to test November lows at 1.0517.
In summary, if we hold above 1.0940 I'll look to get LONG. If we head below 1.0900, I'll be looking for a SHORT trade that may be held for some time.
On lower time frames this task is much simpler and less open to interpretation.
That said, the EUR/USD has thrown up an intriguing confluence of possible trendlines which also coincides with an area of support/resistance and the 38.2 Fibonacci of the DTF.
So what does this all mean?
My assessment is that if EUR/USD is going to arrest its current decline then it will do it here so I'll see how we open Sunday and see where prices are 2 hours later.
If buyers do not enter the market this could confirm EUR/USD current move south and we could be headed back to test November lows at 1.0517.
In summary, if we hold above 1.0940 I'll look to get LONG. If we head below 1.0900, I'll be looking for a SHORT trade that may be held for some time.
My plan for this pair remains the same. SELL below 1.0900 and look to BUY above 1.0940. Currently with the price at 1.0916 we wait.