After the euro news was released we do not have a real optimistic view. Things are what they where. Nothing new. We will have to wait for the rest of the euro news today before "maybe" see something change. I expect we will continue to trade inside the box seeing EURUSD under pressure, also with small reversal push ups.
Comment:
On the downside (but is in my opinion not happening, and surely not before the news release this afternoon). My indicators are absolutely not telling me the price will break down, but looking just to the levels of support and resistance, if price break down for some reason, this is where the price will go (red arrows). Also below the box is to be considered as very bearish.
Comment:
Price broke down inside of the red box again. There was no rebounce up as I was thinking. While the price can reverse inside this red box it may continue to go lower. Below this red box price may hit quickly to 1,020. I still not think this will happen but I have no indication it will not happen. I can happen. We have to wait also for the euro news. If this news is bad we will have a very probable black view for the coming weeks. On the other side, I have very strong indications that the price will reverse. But more and more the indicators on the daily and the weekly are becoming red again, and this is not good. If the reversal has to come it must happen today or tomorrow. In any case before the weekend or we will see red everywhere next week. But as long as wee stay inside the red box even after a pin bar below but close inside we can consider a reversal is possible.
Comment:
correction: below the red box price may hit quickly to 1,1020
Trade closed: target reached
