Hello Guys, I am giving a more in-depth version of my view on the infamous EURUSD. we have seen a very bullish EURUSD these last couple of months but in fact, in March we saw the Euro fall very hard because people ran to the dollar for a safe haven... now the tides have changed and gold which has a strong correlation with the Euro has been the main player. Gold hit record highs and the Euro hitting a 12 year high I think we have seen over the last month it slowly running out of steam since the moves have gone very quickly and now everyone has hit their target and are standing there thinking how can this go any higher. Big U.S data is coming out soon with the fed interest rate and FOMC meeting minutes coming up this Wednesday which will be a crucial part of whether the trade goes short. I believe the interest rates will stay the same like most other countries have done. I believe there will be a bullish outlook at the FOMC meeting minutes since recent NFP data and unemployment data has been better than expected. we have seen EURUSD trading in an ascending channel with a recent break showing the bearish potential. I believe we will see a restest of the 0.618 fib retracement level then see sellers step in and push it down. The UK recently signed a free trade deal with japan p.s japan works very heavily with the U.S and is big enemies of china since they have tried to take over going back 100s if not 1000s of years. With Brexit talks getting heated with the European Union with them saying to the UK that they have a deadline to meet but now the UK is making new connections this might give them more confidence to leave the EU hanging dry for longer which would weaken the Euro.
Comment:
I am currently up around 110 pips at the time of giving this update. we have seen the second break of the ascending channel which has much stronger bearish momentum compared to the last break. i am locking in 15% profits which means i am leaving the other 60% to run to my take profit or close to it.
Comment:
We have a bearish EURUSD these following weeks and the trade is now in profit by 200 pips by the time of typing this update... i am now taking 10% of my position and banking it in. Leaving the other 50% to run to hopefully see my target reached.
