In this market, the bears have strong momentum to the downside with the most recent price action breach the 200EMA. Looking across to the EXY index it clearly shows correlating weakness for EUR meaning that a change of bias has been confirmed. Fundamentally I am still a bear on USD/Dollar due to the FED and rates, but given the more contemporary state of play if a good opportunity presents itself to be taken, game on.
I am seeing positive news out of the US for both Q3 and Q4 as a strong economic upturn could already be priced into the market.
Price is now comfortably trading below 1.18
I am seeing a small level of resistance above as the next leg lower was formed - a basic role reversal play that would be traded on 4h/1h.
Additional strategies to be played here would be moving average crosses and trend line breaks.
Sell the highs if they meet conditions.
I am seeing positive news out of the US for both Q3 and Q4 as a strong economic upturn could already be priced into the market.
Price is now comfortably trading below 1.18
I am seeing a small level of resistance above as the next leg lower was formed - a basic role reversal play that would be traded on 4h/1h.
Additional strategies to be played here would be moving average crosses and trend line breaks.
Sell the highs if they meet conditions.
