No large bias as we start the week, ok a small bullish bias but that's all very dynamic. The euro is in the middle of a range on most of it's crosses. The net buy orders from short sellers have been blown or spooked up through 1.1450 and we are left with an increasingly balanced eurusd starting the week with net buy stops hiding out above 1.1450 through 1.17ish.
A somewhat sloppy long term descending trend that comes in somewhere around 1.1450 this week provides a possibe resistance level for the bears and a potential place from which to launch for the bulls. *The 1.1600-1.1700 range is were the eurusd churned immeditley after the CHF peg was lifted in January and the QE program was officially announced. We may be looking to tease this area again. With net buy stops above the 1.1450 and a descending TL to pop, I would not put it past the bulls to jam us there. Again, In order for that to happen, the EURUSD has a lot of sell orders to push through through 1.1450.
A somewhat sloppy long term descending trend that comes in somewhere around 1.1450 this week provides a possibe resistance level for the bears and a potential place from which to launch for the bulls. *The 1.1600-1.1700 range is were the eurusd churned immeditley after the CHF peg was lifted in January and the QE program was officially announced. We may be looking to tease this area again. With net buy stops above the 1.1450 and a descending TL to pop, I would not put it past the bulls to jam us there. Again, In order for that to happen, the EURUSD has a lot of sell orders to push through through 1.1450.
