Near Term Trend: Bullish but correcting
Sunday evening price: 1.1757 (- .00007)
UPDATE: Last week, I suggested shorting EURUSD on rallies to 1.18366 for ST traders or to 1.2016 for longer-term allocators. I gave a downside trading target of 1.1597.
The EURUSD hit the short entry and sold off until late Friday. The ability for the Friday bounce to continue is definitely in question. I see support for bulls at 1.15986 1.16536. Below that, bearish targets come in at 1.14618 1.15140.
I would look to sell rallies to 1.17896 with stops on a close above 1.18366 and with a target of 1.15986.