Potential double bottom in EURUSD at 1.15
Downtrend in EURUSD shifting into sideways range- could resolve either way with potential double bottom
Option 1
Wait for larger move higher to short the market in line with the longer term downtrend
1.172 is a S/R pivot and the 61.8% Fib of the drop from June 14
Option 2
Wait for drop back towards possible double bottom support for lower-risk counter-trend move higher into the range
1.1550 is possible support as a round number and the Nov 2017 long-term low
Option 1
Wait for larger move higher to short the market in line with the longer term downtrend
1.172 is a S/R pivot and the 61.8% Fib of the drop from June 14
Option 2
Wait for drop back towards possible double bottom support for lower-risk counter-trend move higher into the range
1.1550 is possible support as a round number and the Nov 2017 long-term low
Comment:
Option 1 in play -- 1.172 has acted as R as expected