Stopped out at BE.
The 79 fib is laying right on last Friday’s close. Price reaching that point would also of course be filling the gap. The 79 fib is approximately 1.3058. Slightly higher at 1.3065 has acted as resistance in the past. I will be considering a EUR short between 1.3050 and 1.3065. If this happened on Tuesday or Wednesday London session it would be great. So far 1.2980 has held price down well so it may not fill the gap.
As for GBP, I am waiting to see if it breaks 1.51979, which is the previous high. At that point market flow will have changed to bullish. If this happens I will also be reluctant to take shorts on EUR. I will be watching 1.4970 on GBP. If that does not hold I will take it as the downtrend resuming.
Even with the weekend gap, USD failed to make a higher high even though EUR was able to make a lower low. This leads me to lean towards EUR and USD filling their gaps as it would be in line with SMT. If USD completely fills the weekend gap, it will have moved beyond the 79 fib. I think 81.90 will likely hold if it is reached and may form the weekly low on USD.
Took a long on EUR at 1.28368. Will post analysis later today.
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