We have seen EURUSD last 3 months been bearish. From up 1.2350 down now at 1.17 which is 650 downside momentum for these pairs.
Weekly candlestick on EURUSD is telling us that bulls take control over the market from 1.17 area which shows us that investors saw 1.1750 as an important area for these pairs and, they want to see what happens here before taking any trade on these pairs.
On a daily time frame, we have a morning star(opposite of DXY) which is the opposite of evening star candlestick formation. In this case, EURUSD on the technical side is telling us that potentially these pairs can go to the upside and, it’s important because it is happening at bottom of the trend at 1.1750.
4-hour time-frame we’ve made a higher high(first one on this bear trend) and also we had three legs to the downside, which shows us that potentially can have a long trade but, not just yet.
As I said when I was explaining the Dollar Index, the NFP may affect the market, I will not take any trade on Monday.
I am interested to know what will happen between 1.1720 and 1.1800. If we re-test and reject between 1.170- 1.17200 I will think to take longs. My first take profit area will be 1.18. If we have a break and retest of 1.18, I will adjust my take profit 1.18600(140-150 move).
If we go lower than 1.17 and, break, retest this area, I will look for shorts down to 1.16 with a lot potential to 1.15.
This is my opinion about these pairs. Before you enter into a trade you should analyze by yourself!