This is a 20 min candle chart on a daily bar. Since Friday we have been in 2 "inside bar or candle" days as price as not broken the high of Friday - at 3134 or the low of Friday at 2954 - a range of 180 pips.
We have 2 present patterns - a HL's and HH's over last 2 days - but within the range - and a reverse Head and Shoulder set up - which in this case is bullish.
Most traders would be aware that if we go under Friday's low - then more likely the EU will fall more down to 2900 and even possibly lower.
Also if price goes up above 3134 - the EU would be turning bullish and might try 3200 and higher.
The fact that both patterns are presently bullish - might encourage more buys - but their in a liquidity pool around the 3080-90 area that would then be bearish and should take price down again.
The question would be - could it push price back under 3000 and 2980 area ?
What is my forecast or conclusion ?
Just watch key price levels above 3070 - ie the resistance areas looking for sells if not broken - and also watch to see if the HL's stay in force later today and tomorrow.
Where are we going tomorrow and the rest of the week?
Well many banks are saying sell the EU for targets under 2900 and low. The trouble is do you believe them - I don't think they lie - they are just clever - and might have sell trades on atm - but at "undisclosed" stakes - such as $10 a pip - just to fool the trade - whilst meanwhile through "backdoor" methods" they are busy buying and laying on $100,000 per pip - which of course they might forget to disclose - as you do not want your competitors to know - do you ?? ( lol)
Mean while - whilst we wait - either scalp within the range - and even that is so slow - or start looking more at the GU AU and of course the yen crosses ;-))
I plan to do nothing until i get proper clues - not false sentiment or rumours.
I welcome all comments and ideas;-))
Good Luck what ever you plan to do - but please - just do not guess - you more than likely will be wrong ;-))