We'll be looking for long trades early in the week from EU, which will either be a short term or long term trade depending on how early and easily we can get an entry. As posted last week, our downside target of 1.1 is within 20 pips from current prices. The current long zone shown in the chart is supported by confluences including fibonacci zones and a key level of 1.1.
At the moment we look bearish
, including the daily time frame. However, we expect to see support at the zone colored yellow.
If this rejection is big or not also includes the probability of rolling to the downside. With this in mind, we will wait until price action has developed and the market is trading over 100% of the normal volume