Price is still ranging inside the ascending channel, there is still room for some bullish movement until 1.0930 which I believe could be a nice place to short aiming to 1.07.
That area 1.07 should be a good support to try to go long aiming 1.10 or even 1.11
Taking a look at the bigger picture I think EURUSD is in a crucial moment, in the coming weeks we could see a change of a major trend for the coming years, so 1.11 could be an important pivot point as well as a entry to short for the long term:
Taking a look at the big picture of the dollar, we can find similarities that could support this idea, price is also in a descending channel, there is room for some temporary upside move, but there is definitely more room to go lower and find support at 99-100 levels.
If idea get validated and by mid February we see EURUSD at 1.11 and DXY at 99, I think this would be a crucial date, and could mean a reversal point not only for these 2 instruments but also for markets in general.
That area 1.07 should be a good support to try to go long aiming 1.10 or even 1.11
Taking a look at the bigger picture I think EURUSD is in a crucial moment, in the coming weeks we could see a change of a major trend for the coming years, so 1.11 could be an important pivot point as well as a entry to short for the long term:
Taking a look at the big picture of the dollar, we can find similarities that could support this idea, price is also in a descending channel, there is room for some temporary upside move, but there is definitely more room to go lower and find support at 99-100 levels.
If idea get validated and by mid February we see EURUSD at 1.11 and DXY at 99, I think this would be a crucial date, and could mean a reversal point not only for these 2 instruments but also for markets in general.