| EURUSD looks quite exhausted at a significant area of interest. This region is particularly significant because price is bouncing off a multi year confluence zone (Bottom of the channel, a multi year trend-line and also a 161.8 extension of 2012 swing low and 2014 swing high). Aside these rationals, sentiments is at an all time extreme which further adds credence to our overall view of a short term bottoming process. However, it's typical for eurusd to spike the previous low and then fade, hence, discretion is strongly advised when picking entries. |
