This week, euro was bullish, as expected and I have to say…finally! But looking at the PA from thursday and friday, bulls got tired between 700-750 and might need some resting time next week. I am not expecting bears to take back full control and break below 340, but the range play might be downwards below 700. I have honestly no idea how deep it can go…but the first important news data next week is on friday and by then it should be all clear, even before the numbers are released. Tuesday is the last day of the month, so it will be important to watch where the month ends. If you look at the daily chart, even though EU seems still very bullish on smaller timeframes, it is on “top of the range” on daily. Thats why I think bulls will take a break, recover a little and start a new bull run from lower levels. In theory, a double bottom at 350 wouldn’t surprise me either, but lets take it step by step. For now…at 730…I am not buying…just waiting for better long entries and scalp shorting below 750. We also have a bearish shark on GU H4 and USDCHF is also very “oversold”, so all these things combined could mean that USD might gain some next week.
