In our previous EURUSD analysis, we were short from the 1.19 area. Price dropped over 180pips and now we have a great opportunity to buy. Looking for 2 possible areas for longs.
This is all dependant on where USDOLLAR reverses. We have a possible head and shoulder formation for USDOLLAR which could mean EURUSD will reverse from 1.17 region. However, if USDOLLAR moves up to the "head" structure level, we could potentially see EURUSD drop back down to the 1.66 level where it would give us a greater risk to reward ratio!
See linked chart for the USDOLLAR chart and correlate that with EURUSD.
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