It's not yet time to trade it, but definitely to watch it: the Eurusd may actually be about to end its weekly correction. Considering that the monthly is in a downtrend, a continuation of this downtrend may unfold on the weekly soon.
I have just completed an analysis on the same EURUSD Weekly timeframe on
which is a continuation of the earlier I had posted. If you short the EURUSD on a long term basis it could be a problem. However there will be plenty of short opportunities on a short term basis along the trend.
I dont agree with this as you have seen in my analysis :) That doesn't mean EURUSD cant go higher before it continues on its downtrend which is the overall trend direction. All we've seen throughout most of 2015 and so far 2016 was corrective moves inside the monthly range.