EURUSD: Lower Stop On Any Shorts/Use DXY as Signal Confirmation
EURUSD Update
After rallying from the downside target off the 1.1721 line
EUR has made it to the near term upside target centred
around the 1.1821 line and been met with a barrage of
persistant selling from there over the last 6 hours creating a
series of rejection spikes above the line.
If you shorted from here again lower the stop to 1.1787.
It's been sold off in Europe all day - we need to see US follow
through to know that downside pressure is still strong from
here.
Without it there's an increasing chance that it will push higher
again from here before coming off again later - the next key
area on the upside lies at 1.1831-1.1838 - a break above here
needed to signal any further near term strength to 1.1915.
The overall picture is still bearish for EUR but with DXY
consolidating off 94 and with a little more unwinding there
still likely it means that this this whipsaw back higher for a
while yet before the downtrend resumes again
After rallying from the downside target off the 1.1721 line
EUR has made it to the near term upside target centred
around the 1.1821 line and been met with a barrage of
persistant selling from there over the last 6 hours creating a
series of rejection spikes above the line.
If you shorted from here again lower the stop to 1.1787.
It's been sold off in Europe all day - we need to see US follow
through to know that downside pressure is still strong from
here.
Without it there's an increasing chance that it will push higher
again from here before coming off again later - the next key
area on the upside lies at 1.1831-1.1838 - a break above here
needed to signal any further near term strength to 1.1915.
The overall picture is still bearish for EUR but with DXY
consolidating off 94 and with a little more unwinding there
still likely it means that this this whipsaw back higher for a
while yet before the downtrend resumes again