Since EURUSD, and GBPUSD probably have the same outlook, I'll copy what I've said for GBPUSD.
Well EURUSD stands in front of VERY important resistance level and the market is supposed to retrace now.
But the shape of this retracement will determine whether we will have noticeable retracement, or there is interesting in higher prices.
So let's have alternative scenario analysis and be prepared for any probability.
if the market consolidated in front of this resistance level NOTICEABLY and refused to show any noticeable lower low and lower highs, then penetrated, of course you should consider that there wasn't convention for lower prices, and the market seeking higher prices.
Personally, I tend to the first scenario, but everything could happen.
And I'll update this idea to help you identify what is happening
Good luck, To be updated..
Well EURUSD stands in front of VERY important resistance level and the market is supposed to retrace now.
But the shape of this retracement will determine whether we will have noticeable retracement, or there is interesting in higher prices.
So let's have alternative scenario analysis and be prepared for any probability.
if the market consolidated in front of this resistance level NOTICEABLY and refused to show any noticeable lower low and lower highs, then penetrated, of course you should consider that there wasn't convention for lower prices, and the market seeking higher prices.
Personally, I tend to the first scenario, but everything could happen.
And I'll update this idea to help you identify what is happening
Good luck, To be updated..
Komen:
We will stay for a while with the current down direction.
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