The preferred patterns being watched are in nature. Both patterns suggest we are in the 'C' wave of a large that began in March 2015.
The March 24 low is the key level for the immediate price action. A move below 1.1140 would cause us to reconsider.
FXCMSSI (Sentiment) is favoring bulls. The current reading is -1.60 which means there are more traders positioned to the short side than to the long side. This tool is used as a contrarian type indicator which provides a signal.
You can see how traders are positioned through the live FXCMSSI feed.
Though we've focused on the patterns, prices can break lower and that would temporarily pause the case. Longer term we are eyeballing higher prices in EUR/USD .
SSI has dropped further to -1.81 which hints to a low looming nearby.
See the live SSI data here - https://www.dailyfx.com/sentiment?utm_source=TradingView&utm_medium=Wagner&utm_campaign=eurusd0420