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Long

Potential LONG EUR/USD to watch for on Sunday's open.

FX:EURUSD   Euro / U.S. Dollar
Over the higher time frames (8H and above) , positioning trendlines is never straightforward and the best you can do is an approximation.

On lower time frames this task is much simpler and less open to interpretation.

That said, the EUR/USD             has thrown up an intriguing confluence of possible trendlines which also coincides with an area of support/resistance and the 38.2 Fibonacci of the DTF.

So what does this all mean?

My assessment is that if EUR/USD             is going to arrest its current decline then it will do it here so I'll see how we open Sunday and see where prices are 2 hours later.

If buyers do not enter the market this could confirm EUR/USD             current move south and we could be headed back to test November lows at 1.0517.

In summary, if we hold above 1.0940 I'll look to get LONG. If we head below 1.0900, I'll be looking for a SHORT trade that may be held for some time.




Comment: The Asian session has seen some EUR strength but London's open has seen EUR/USD back at Fridays levels.

My plan for this pair remains the same. SELL below 1.0900 and look to BUY above 1.0940. Currently with the price at 1.0916 we wait.
Actually, the EUR/USD has already broken the Up-Trend line and Neck Line of Downtrend which used to be the support.
You might probably not draw the Trend Line with Lows and Heigts.
I longed EUR/USD last week too, but I closed it on Friday when it broke the trend as well as 100&200 days' MA.
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