Ok so there is some Classical Technical Analysis here as well as my own observations which I've gone ahead and based trades on.
The Euro weekly is at the top of the lin reg channel and so we look to trade it lower with the prior trend to the downside.
Buyers have been coming in near the lows as you can see by the strong lower wicks. This may be due to a prior area of support from a long time ago - how much of this is psychology? I think all of it is.
You see, from my observations it appears to me that only sellers can create support, and only buyers can create resistance when price later returns.
Anything else is pure speculation and tells me they are weak hands.
How far will they hold?
Will they let there profits wash away, or take whats left of them?
The truth is, I don't know.
What I do know is that Gold has been showing overhead resistance and looks to be heading lower on the daily, other correlations look quite bearish right now.
So being a speculative market participant I have placed my bet on bearish expectation.
Only time will tell.
I will be basing scenarios on the a closing basis of the daily charts for these swings.
Check back, and also comment below, let me know what you see here.