EURUSD moved somewhat faster than we expected, dropping to the bottom of our supply box and then rebounding up to trendline for a solid 50 pips. It hit our TP exactly at 1.07550. However, because that move completed so quickly, it was easy enough to see it would not be the real move, especially after it respected the trendline. EU is quickly approaching a zone in which it will have to break out to the upside or downside. Personally, I don't see enough strength behind the dollar to pull this pair down past all of that support (trendline, fibs zone, demand zone, support line).
Because of this, I see EU either rising from here or making one last push down tonight before rising up on the way to 1.08400 to complete the price action on the weekly. After that, it will likely be bearish, but for how far is hard to gauge at this point.
Because of this, I see EU either rising from here or making one last push down tonight before rising up on the way to 1.08400 to complete the price action on the weekly. After that, it will likely be bearish, but for how far is hard to gauge at this point.
