Price action is closing the week up here at a previous zone of s&r spike activity (1.3250–1.3300) from 10 & 30 October. It might be prudent to check & tickbox any pullback-test before adding to, or initiating fresh longs.
The weekly view shows this recent 1.2480-1.2850 channel as a key participation zone from much of 2006, confirming the consolidation break as a solid floor of support in early 2007.
That 1.2850 level also represented
last weeks high zone, a typical key activity area (along with monthly high-lows & previous day high-lows) which usually attract increased interest as & when they come into view on the radar.
That was your low risk (long) play. The level now playing out up here into the weeks close, which looks like forming a doji on the Daily chart, will be keenly observed into next week as a potential “compound level” for early Euro bullish continuation momentum.
Weekly chart highlighting the channel from 2006/07 which is dictating this trading quarters activity
4 Hour chart showing the near term breakout-pullback of the upper s&r channel level which also housed last weeks high.
There was a losing entry (circled) at the end of November before the price action maintained the bullish push by printing a higher low support, confirming the bullish engulfing activity on the Daily closing bar prints.
and the close proximity 60min chart with this weeks action on & around the breakout-pullback attempt at last weeks high/long term weekly s&r zone.
Obviously, you'll have your preferred execution set-ups & triggers to take a trade on, but actioning them in line with sensible price action observation will hopefully keep you to the correct side of the risk play.
EUR/USD Long?
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