Even when the EURUSD got a wild correction yesterday, clearly seen in the daily chart (nice hammer) we are still in a bearish market condition:
Why bearish market condition? Simply because the EURUSD broke through an important support level, and it is likely to continue its way up until it hits the next LT support level.
Now, If you like to play safe, just wait for the EURUSD to break the ST support level at 1.2313. (Also forget about short positions if the Euro breaks the 1.2420 level for the upside).
Either way, I think there are other currency pairs with a clearer market condition.
Tags: EURUSD Analysis