EU broke support at the neckline today and closed below. It should continue down to around 1.1056 for a start, then we'll go from there.
Trade active
This is the 4 hour view of the break.Trade active
The pair seems to be nearing the end of the consolidation that's been in place since early June. Perhaps one more swing up to around 1.1425—50 and then it should start down for a retrace of the 650+ move up it made. Trade active
What I think may happen in the week ahead. Holding short currently in profit. Will add if there's a swing up to a new high. I'm guessing that high would be around the100% line, but probably not over it. Trade active
EU ended the week with a big red candle for Friday. The move down did not break the low at 1.1696, but does represent an ongoing topping formation. It will probably recover the 1.18 level, but not much further short term. I would expect another move towards the formation low at 1.1696 subsequently and then a move to a new high. It has been estimated this could be in the 1.22 area, but I have my doubts. Current plan is to hold long for about 1.1810, or wherever it turns at resistance there. Support at the low is very strong but remains a good 100 pip short once the little swing up is completed. Trade active
Still forming a top. May go another small section up, my not. Looking to add short above 1.19. tradingview.com/chart/OQHtr8E1/Trade active
one more time 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.