We see a bullish engulfing pattern emerge following a week of ups and downs with respect to the great greek tragedy of the day (or week, month, past 5 years...) Anyway point is people are feeling optimistic as the week ends although we do see a bit an upside tail which suggests that people were still cynical enough to take some profit Friday afternoon (refer to you 1-Hour charts).
I predict, if the weekend doesn't yield any new developments, that this small trend might continue, possibly even up to the top of the channel drawn from the May-June highs. On the other side of the pair the US is having a small hiccup. FOMC minutes released this week had everyone (governors/staff) revising their outlook to below the initial predicted and hoped for 2% inflation target. This comes as a result of some weak job numbers the week before. I think the U.S is overall on a path to recovery but all the excitement that we saw the past couple of weeks has dwindled a bit.
Two possible entries here I think:
1. Enter Monday and exit at the channel peak, or if it breaks that with a close hang on till the June high.
2. Wait till price hits the channel, doesn't close above, presents a nicely timed reversal candle pattern followed up by some bearish confirmation (supported with some good U.S data, or European political infighting to spur a bit of uncertainty) and then ride the bear back down.
I predict, if the weekend doesn't yield any new developments, that this small trend might continue, possibly even up to the top of the channel drawn from the May-June highs. On the other side of the pair the US is having a small hiccup. FOMC minutes released this week had everyone (governors/staff) revising their outlook to below the initial predicted and hoped for 2% inflation target. This comes as a result of some weak job numbers the week before. I think the U.S is overall on a path to recovery but all the excitement that we saw the past couple of weeks has dwindled a bit.
Two possible entries here I think:
1. Enter Monday and exit at the channel peak, or if it breaks that with a close hang on till the June high.
2. Wait till price hits the channel, doesn't close above, presents a nicely timed reversal candle pattern followed up by some bearish confirmation (supported with some good U.S data, or European political infighting to spur a bit of uncertainty) and then ride the bear back down.