Conflicted..

EU has been on a very smooth downtrend since Jan. Looking at the daily, it seems as if EU will now begin making more move to the upside, especially with last weeks range engulfing. But, looking into the weekly, it looks as if everything has lined up to go short. 3 touches of the trend line (which has slightly been broke, but can be a false breakout), 3 daily candles which are having some difficulty breaking the 61 fib, and EU also seems as if it has found a significant area of resistance from August of last year.

My biggest worry is that bullish engulfing candle and a triple bottom that I can see on the daily. Either way, more confirmation is needed to determine where EU is headed, however, I'm favoring it to the downside.