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Right , this is an interesting pair, USD bulls seem to be losing traction now and what with the fed's hawkish tone and a rate hike being priced in by the markets , late last week saw some safe haven flow coming into action .
With this in mind along with the charts showing we are approaching trend line resistance around the 0.618 fib line this all builds a strong ...
Okay so we see here the euro over the last year has been in clear decline, trading between the trend lines, up until recently.
We have now closed on the daily above the trend line currently @ 1.3981, Last week the euro outperformed all other currencies, and the market seems to be paying particular attention to and reacting on bad data printed for the Aussie ...
Here we have broken the trend line to the upside however be cautious, we need to close
above 1.65 on the daily, to establish the bulls coming into play and the trade to be active . Some key data this week BOC rate statement which is expected to be cautious and much of the same tone ,CAD - GDP - M/M, GBP Manufacturing PMI,Construction PMI & Services PMI
Going to be trading into the events of this week , some key data to be released for midweek which will no doubt be in focus.
Q4 GDP for both currencies , along with USD personal income and spending and ISM manufacturing PMIs
As you can see we are entering a trade around the current level Short , with a view to T1 profit taking @ 0.7450 level , then ride it down ...