The Shooting Star formation was formed last week on the Daily and we have seen rejection from 1.2080 (yearly high) - On Friday - under forecast NFP failed to send the pair higher and it was rejected again but this time below 1.20 key level. Signaling a lower high being created. Just based on price action this could face further downside movement, with the market now anticipating the ECB are now concerned with the strength of their currency and could delay there Tapering programme back to December (when the market was expecting September)
This could reduce Euro Strength.
Dollar also produced strong Manufacturing data after disappointing NFP and average earning figures which caused a rally again, Political uncertainty has overshadowed the USD over the last few weeks with tensions with North Korea rising. This somewhat cooled a bit after the missile launch last week.
So if Trump takes out the chance of military action we will see the Dollar rise, but this is unlikely - so at the moment I am just intraday trading the dollar.
We have now had a break of a Trend line on the 4H with a retest and rejection from it. I will be making another entry on this next week for short term trade
This could reduce Euro Strength.
Dollar also produced strong Manufacturing data after disappointing NFP and average earning figures which caused a rally again, Political uncertainty has overshadowed the USD over the last few weeks with tensions with North Korea rising. This somewhat cooled a bit after the missile launch last week.
So if Trump takes out the chance of military action we will see the Dollar rise, but this is unlikely - so at the moment I am just intraday trading the dollar.
We have now had a break of a Trend line on the 4H with a retest and rejection from it. I will be making another entry on this next week for short term trade