e3EURUSD is getting close to a strong support zone 1.3140-1.3160. Considering that this Friday we have NFP, EURUSD might consolidate around this level being ready to break through on positive news, or bounce upwords and keep consolidating between 1.3150 to 1.3400 zone, otherwise.
Looking at H1 chart there is one of my favourite reversal patterns forming right now.
Decelerating three lower lows while EURUSD is loosing steam, and reaching strong support zone. You can also observe lately that the same setup gets realized through four lower lows at a level, and do have a space for that here. Extra caution and a close look at price action is neccessary to spot possible signs demand. Hunting for a temporary bottom is definately harder then following the trend, but sometimes it’s worth a risk as we can profit handsomely. We trade this kind of setups as swing trades trying to achive at least 1:3 risk-reward ratio.