I think, sometimes, this pair is one of the hardest to trade, but at the same time it brings value.
Now, we can see by the shape of it, that is building a triangle, that would really appreciate a breakthrough to the upside. We can consider a BUY only if it will breaks and closes on the Daily above the 1.16250. I think it is a good level to watch. If you have entered LONG then, then once you're in profit, move your SL just slightly above your entry point. The reason is that these types of triangles sometimes give you a false breakout and then on the Weekly it closes where you don't want it to close (in your negative area).
The other scenario would be to go SHORT, considering the weaker Euro. Intuitively I favour this option, because it would be great to test that first steep trend line. You can try and risk it an enter a SHORT, but with a SL of around 1.16200, so that if what, you could enter a LONG if it decides to break it to the upside.
Be careful and keep an eye on the price action!
Now, we can see by the shape of it, that is building a triangle, that would really appreciate a breakthrough to the upside. We can consider a BUY only if it will breaks and closes on the Daily above the 1.16250. I think it is a good level to watch. If you have entered LONG then, then once you're in profit, move your SL just slightly above your entry point. The reason is that these types of triangles sometimes give you a false breakout and then on the Weekly it closes where you don't want it to close (in your negative area).
The other scenario would be to go SHORT, considering the weaker Euro. Intuitively I favour this option, because it would be great to test that first steep trend line. You can try and risk it an enter a SHORT, but with a SL of around 1.16200, so that if what, you could enter a LONG if it decides to break it to the upside.
Be careful and keep an eye on the price action!