In the beginning of next week I'll be looking for a break out for the EURUSD . By means of the Green and Red arrows I tried to show my ideal scenario where we will see a test of the previous high on the 4 chart first after the anticipated break. Don't forget this high is a significant level that came in place after the high around the ECB press conference last month.
Therefore I like to see a consolidation/correction from that level. Once that consolidation/correction is over I will be looking to buy again for the next leg higher towards the zone around psychological level 13.
EURUSD tested 61.8 Fibonacci support. I'm still looking for a bullish break-out. We might see another leg lower first so we are able to spot a clear 3 wave correction lower. Nevertheless the structure by means of the 'channel/Bull flag' pattern looks very corrective to me and that's why I'm only interested in a buy opportunity.