we have a very common picture in trading on a daily chart of EURUSD .
two equally possible scenarios:
from a buyers perspective, 1.107 level is a perfect level to buy from expecting bullish continuation. for buyers, we have a perfect confluence of 618 retracement level and horizontal support + clearly bullish tendency from October 2019
from a sellers perspective, the long term trend on eurusd remains bearish and strong bearish momentum on Friday signifies the completion of a correction cycle. + we see almost completed head and shoulders pattern and bear flag breakout with new lower low on 4H.
if you still haven't chosen your side, I suggest being focused on the underlined structure support . being broken it will open a path to lower levels while being respected we will see a pullback.
let's see how it unfolds next week! have a great weekend!
i would say this is looking more bearish at the moment looking over at the DXY to gain more strength going into next week aim target is around 98.55 for the dollar :)
Woundedangel
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🐻 will hit 1.1020.
john-19
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Test 1.1000 level before going back to bullish trend. For now it’s looking to drop to level 1.1000 before it changed approach.
simonduff1990
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I’d say bullish. Is not an inverted head and shoulders, so... wouldn’t this suggest a reversal to the downside?
VasilyTrader
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@simonduff1990, I am more bearish)
just because the long term trend is bearish!