First, I would like to mention something very interresting. EU had 8 bullish weekly candles in a row. Anyone remember the last time this has happened? Most won’t…it was in 2004! Check the chart below.
EU is currently stuck in a range between 1700-1900, so it provides good opportunities to both, bulls and bears. I am inclined towards scalping the spikes between 1800-1900, with a target of 1700-1720. Until 1695 breaks properly, we might be stuck in this range for now. I wouldn’t buy for targets above 1900, because a spike above 1900 might be a bull trap. 2 more weeks left in august, so lets see if we are still stuck in this range by the end of it, or if bears manage to break below. Until then…its scalping time. I highlighted possible target zones on the charts below.