EURUSD Early-Week Bounce

FX:EURUSD   Euro / U.S. Dollar
82 0 0
Last week's strong central-bank driven Euro             sell-off has me on alert for a bounce. There are likely many shorts to be squeezed. Technically I see two well-defined midpoints that project a similar end to this down move giving a high enough probability for a trade-worthy bounce. One midpoint is reenforced by a balance line (red). Note how well this line "splits" price and therefore gives more credibility for this setup.

Enter long 1.3727-23 for a bounce back up to the balance line.

My "what if I'm wrong scenario" (always the most important consideration) sees only a brief pause at my long entry point followed by a swift resumption of the downtrend.

Also be aware that this move may play out in low-volume sunday night opening conditions
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