EURUSD - Range seems to be tightening.

1M: Long term downward trend, current consolidation. Most recent price action is bearish. A lot of range action before there can be a long term downtrend continuation. DN trend continuation requires substantial move below 1.046. RSI bullish. IF long term DN trend continues, it will be far off in the future. Since all comments are very long tern in nature, the most relevant point is the current bearish price action. Everything looks rangy and the price is in the middle of a 1000-1100+ range. Not overly compelling.

1W: Nothing overly compelling as EURUSD looks to find direction after breaking TL support. ~1.09115 is important support area. Immediate price action has bee bearish. I see more ease of moment to the upside.

1D: Current consolidation after TL support break and finding support. Again, 1.0900 area is key support area. See box for tighter consolidation range. Overall, ease of moment favors up.

Last week ended with bearish move, but it was close to support and momentum stalled. At current price, it is hard to be compelled to enter a trade in any direction.


Conclusion of all of the above, besides quick intra day set ups, I'm on the side lines until I see a more compelling set up. EURUSD looks to be stuck in a range and maybe for an extended time. Not only that, the range seems to be tightening, preventing an extended run. That tightening could be signaling an extended future run, but we need to see some support/resistance breaks.

I do expect to have some intraday trade at s/r areas with potential 20-30 pip moves and favorable R/R.