Morning,
I see a lot of traders here trying to ascertain the next move and especially looking for longs at this stage due to the "uptrend"
The weekly chart shows clearly that there is no trend - the "uptrend" on the dailies was a move from the weekly up trend line to now test the down trend line.
It should be no real suprise that the momentum is down right now. At the same time EURUSD is at the top of a daily up trend channel and should at least attempt to return to the lower up trend line of this sme channel, which is another 300 odd pips away.
Longs beware.
Sniper
I see a lot of traders here trying to ascertain the next move and especially looking for longs at this stage due to the "uptrend"
The weekly chart shows clearly that there is no trend - the "uptrend" on the dailies was a move from the weekly up trend line to now test the down trend line.
It should be no real suprise that the momentum is down right now. At the same time EURUSD is at the top of a daily up trend channel and should at least attempt to return to the lower up trend line of this sme channel, which is another 300 odd pips away.
Longs beware.
Sniper