Currently EURUSD is in a very edgy state. last week ) we expected a continuation to the upside filling out the bigger (solid) blue upward channel.
however, this didnt happen instead we broke down with great momentum breaking weekly lows as well as the bigger .
now we are currently sittin just b4 the completion point (PRZ) which will also bring us down to the downward angled (orange dashed). so we can probably find a decent amount of support there. Im not goin to trade this plain, because i dont wanna trade this market in its current state.
i will be carefully looking what the market is doin in this area tho. if we cant really get away from there and start consolidating in this area filling out the orange dotted flag, then i will be looking to sell, if we break it.
if we however see a spike up from that area back above the solid blue upward line as well as the upper solid blue downward line, then i will be looking for some consolidation to buy.