We’ve reached a critical point with EU this week. Clearly reaching a credible retest for the weekly bearish engulfing after tapping 38.2 (weekly fib). EU has been down trending ever since we broke out of the daily range @1.222. Daily is creating higher highs, 4h is looking bullish. The decision boils down to the trendline (break or respect). If we break this trendline we’re looking for short-term buys. We may just come to a higher prz on the weekly TF.
If the trendline is respected, we’re more than likely to see this market drop (thank that weekly engulf). Expecting a moderate retrace due to the higher high on the daily TF. Good luck on your trading week.
Cheers,
-D
If the trendline is respected, we’re more than likely to see this market drop (thank that weekly engulf). Expecting a moderate retrace due to the higher high on the daily TF. Good luck on your trading week.
Cheers,
-D