Looking at the weekly chart, EU looks very bearish…BUT I see some risks with shorting it, just yet. Majority of retail is short, 60% of them, plus the H1 and H4 chart show a big bottoming…so a spike up is more likely at this point. The last week of october, during ECB, EU is more likely to drop. The good thing is, bulls have clear accumulation zones on the chart, which are good for a safe SL. And we are close to those areas, so the risk to reward ratio looks good, if we target 1790 on EU and 3020 on GU. Beyond that, we will see…I wouldn’t be surprised if we broke above 1830 on EU and 3070 on GU this week and didn’t give bears a chance until next week. But its better to take it step by step and look for short opportunities if we, indeed, go as high or higher. My first target for EU this week is 1750 and then we will see, if there is power to go towards 1790, might be hard, might be very easy, as price action is changing from one week to another very often and strong bear can easily become strong bull and the opposite.
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