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Tuesday, February 12

12th Feb - EURUSD Views

Some thoughts on EURUSD. Me short from around current levels - a short-term position. Haven't figured out yet which of the two scenarios to believe in.

Long-term uptrend in place, trend channel bottom touched. This would suggest further upside - unless the 1.37-high was the uptrend's final thrust. So two scenarios: BULL: uptrend  to resume, eventual test of the 1.37-high and later a new high to 1.39-1.40-area - - or BEAR: recent uptrend channel to be broken, the downchannel pictured more closely in the following picture holds and we end up to new lows.
The move down within the longer uptrend channel has been technical: 1.36 turned from resistance to a support, then resistance again. After today's ''break" up, the previous low around 1.3460 should keep, with possibly a pullback to 1.3425 (in a bullish scenario) or a break lower towards the 1.3280-support.