Week ahead (5 – 11.8.2013) – EURUSD

Last Sunday I  have stated that traders should be cautios in between 3320 – 3350. Market went as high as 3344 and then started to fade. Congrats to anyone who have had the balls to stood against BULLS. So what I see right now? The picture is a bit clearer than last week. This means that as long as we stay below the descending trendline (bolder blue line) we are going to see a touch of 3160’s. That means that as long as this scenario is valid I am a temporary BEAR. If on the other hand we would breakout of 3350’s, I would go LONG on any decent pull back which happends to be above 3320’s.

Have a great trading week.

lechiffre