1181's a key level it seems. If it breaks, price will likely retest it from below. If it holds, we'll get another run at 1220-1225.
Will be interesting to see if price tries to reach 1226 or if the previous downtrend continues. For now, at least on the H4, the up trend is still intact.
My line in the sand is 54.50 . Above, I'm after longs, below, short's my preferred option. If price stays around the current level during the first few days of next week without taking off north, my line in the sand will be readjusted to 56.00 .
Main reason for the short bias is the weekly and monthly trend. Ichimoku & ADX on those timeframes suggest the trend is (still) bearish. Leading up to the holiday period there was no real trend on the daily and ADX clearly confirmed this. I think ultimately price will follow the W/M trend again and head towards that nice round 1k figure. Might make a quick...
EURUSD is severely overbought at the moment and a pullback is about to happen. Notice how the Tenkan Sen and Kijun Sen are crossing, that's a confirmation that the previous downtrend is coming to an end. However, because price is so overbought at the moment (and about to touch the Kumo cloud, a pullback will happen first. Watching the Fib retracement levels down...
1.3300 by Friday...Guinness indicator and moon phases support this.