Alan Collins of 3cAnalysis is long EURUSD at current levels and looking to buy Dips near 1.1311. Collins says that the key background element is last week’s powerful reversal of four consecutive down weeks. He adds that while the market remains above the Marabuzo line created by these gains, 1.1239, the underlying tone will be positive.

Alan Collins' targets are 1.1445, 1.1493 or even towards 1.1617. Only a daily close below 1.1257, Friday’s Marabuzo line, or, more conservatively, 1.1239 would be bearish, he says.

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