Rapidly approaching long opp .
- Respect of ascending trendline
- Respect of 78 level
- Key zone
Key Data USD - 15:00 (GMT+1) New Home Sales (MoM) - The number of New Home Sales released by the US Census Bureau is an important measure of housing market conditions. House buyers spend money on furnishing and financing their homes so as a result the demand for goods, services and the employees is stimulated. Generally, a high reading is seen as bullish for the USD, whereas a low reading is seen as bearish. Previous 0.627M, consensus 0.49M - This consensus clearly shows a bearish outlook for the USD hence the big shifts we've seen during the London session.
The data above correlates with currently monthly high this pair has recently visited. Could we be seeing a pullback to the downside? I'll still be holding this trade but this information is very important to consider an exit.