looks to be turning over as far as the short term is concerned, on the back of below expectation flash manufacturing PMI's in both France and Germany. We've signaled the area in which we may become interested buyers again, it involves the ascending channel
support line, the 61.8% retrace, preferably the 35 RSI
area, and finally a well defined support zone
, where the buyers started the recent bullish
impulse. We've outlined how a trade of this nature may look like, with around 5.5 to 1 risk reward. Keep in mind that our long term bias on EUR/USD
is still bearish
and so this kind of trade is not a long term trade by any means.