Morning everybody,
EUR was not able to keeps with pure bullish scenario and yesterday price has formed reversal session - as it has climbed above previous top and closed below the lows. Usually reversal candles very rare ends immediately. They have continuation. And if we wouldn't have GDP today, I would say - "don't be long" as chances on downward continuation are solid.
Stil, despite some bearish signs, they do not cancel bullish scenario totally. EUR still has technical possibility to turn up from lower levels. Besides, even now we have some bullish patterns and if GDP will be weaker than 4.2% - EUR could turn up again:
For instance, we have "222' Buy on 4H chart right at major 5/8 Fib support. Yes recent plunge looks scaring but again - this is the question of GDP numbers.
On 1H chart we have DRPO "Buy" that could trigger upside action.
That's being said, technical picture tells that it is better to postpone entry on a long side, but today we have GDP, that could turn situation drastically. Thus, if you're thinking on long entry - this is the moment right now where you need to act. Existed support should trigger some upside response, at least technical one, and this will help you to move stops to breakeven.
Alternatively, it is possible to wait for next week and get GDP numbers first. It is conservative tactics, but currently impossible to say wether it will give worse or better entry levels.
