Take it slow at first but I believe bulls will defend ahead of 120. Nice ABC down correction possibly complete with new highs coming. Not so sure about that but remember even the bounces with EU go much higher than people think they will. Talk will shift to Draghi in June and possible tightening.
Trade active
Trade active:
Go ahead and scalp if you can. Grab those little 20 pip trades to pay for the trade. It's possible this could spend all week consolidating and trying to break the last week low. While spikes down are possible this area will hold and EU will head higher in the near term, say next 2-3 weeks.
Trade closed: stop reached:
Unfortunate timing. Was too early. Keep an eye on 120. Obvious support level. A break below and close back over is a no brainer buy signal.