No doubt - price has entered into a major consolidation area and I suspect that from here on, we will start to see buyers coming in. This does not mean that we cannot go lower - oh yes we can! but not significantly.
Establishing fresh short positions from current levels is fairly risky and if one should consider shorting the pair, then targets should be small (40-50pips). Going long before the ECB is also not a good plan as 1.3100 is close by and complimentary spike below that level seems more than likely.
So, in conclusion (if one does not have active positions) - a wise move here would be to wait until the press conference is over and preferably wait until this week ends as NFP is on Friday and then on Monday to start looking for possibilities to establish fresh positions.
Establishing fresh short positions from current levels is fairly risky and if one should consider shorting the pair, then targets should be small (40-50pips). Going long before the ECB is also not a good plan as 1.3100 is close by and complimentary spike below that level seems more than likely.
So, in conclusion (if one does not have active positions) - a wise move here would be to wait until the press conference is over and preferably wait until this week ends as NFP is on Friday and then on Monday to start looking for possibilities to establish fresh positions.