Eurusd as we all can see is still in a large downtrend according to the weekly, daily and even the 4hrs chart. We saw what happened on 3rd December when draghi spoke and the EURO jumped from 1.0516 to 1.0980 areas, but after that event every attempt to follow through have failed the key figure 1.0981.
Last week we have seen some selling coming into the pair though the market was thin due to holiday season, price still managed to print some significant move. Right now, the next level we are watching is the 1.0808 significant points which is also the low of what looks like a right shoulder in this price formation.
Below 1.0808 we are expecting price to trade sharply to the downside to continue to the overall trend.
Right now we have no case to buy the EURUSD below 1.1042, only if price manage to trade above this level is when we are willing to look for another buying opportunity in the pair.
GLT and trade with care.
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Here we go short on the pair.