- Looking to short EU, due to my top down analysis.
1.) if you look at the monthly time frame, you would noticed we are in an overall downtrend.
- IMO this latest move was just a strong rally. Price seem to be a little extended and I think now is the time for a nice retracement. There is a double bottom on the monthly time frame, it's neckline has yet to be tested.
Price will either sell off and test the previous high on the daily and find support at the (blue) demand zone OR price will break below the demand zone and test the 61.8 fib level, respect it and then meet resistance at the the now (blue) supply zone then continue to sell off.