watch for price action!

FX:EURUSD   Euro / U.S. Dollar
eurusd recently made new year low, followed by the spike above that move.

we need to watch for price action.

that spike might be a false move for new buyers to take down. technically it looks like a retest of 1.11500. as long as 1.11500 and 1.11750 stand, eurusd will likely to move down.

yet if the price does consolidation in the area of 1.11300 - 1.11500 we can see a further move up with formed double bottom on a daily timeframe .

until it breaks and stays above 1.11750 my personal preference is shorting this pair.
Comment: the price broke above 1.11750. friday price action will likely define the movement for the next week or two.

i will watch for these key levels:

and on the downside:

recent moves, patterns and candles tell us the eurusd is aiming north same way it did in late april, yet i would like to see more solid confirmations.

current price action might be a buyers trap as well.

profitable trades for everyone!
Comment: eurusd got 61.8 level from recent days of downward trend.
yet id did it in gbpusd style )

Comment: at the same time that was exactly 262 fibo level of last spike down.

Comment: many traders now believe this is a trend change and easy buy setup. just take this information i posted above for consideration.
Comment: 1.12150 stood very well.
i keep my shorts on eurusd.
and will keep short bias until 1.12150 broke and retested from above.

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