Based on Elliot wave theory, the wave 5 pending will start the upswing. if it retraces to test then buy long. If it decides to swing down, then the opposite is true. I am testing out my research and applying to the EURUSD market on Monday morning and will be following it.
Comment:
BTW Must also take into a account a GAP given its a Friday to Monday timeframe. Seeing where the market opens may change this view altogether.