Signal: Short-term buy as long as the Higher Lows trend-line is holding as the consolidation on the 4H MA200 (orange trend-line) is an indication of short-term demand. Additionally the RSI is on its Support Zone while the MACD is forming a Bullish Cross. Sell if the 89.900 short-term Support breaks. Attention, long-term the trend is bearish. Sell the spikes if you don't want to be buying short-term.
Target: The 4H MA50 on your buy and the 89.200 medium-term Support on your sell.
Long-term outlook:
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Hey man nice trade idea. Wondering how you managed the exit? I had the same idea expressed in E/U based on the daily 50 SMA point of interest and corresponding price action. Short at 1.2140 but only extracted 20 pips. As I closed during the Asia session as I’m in Chicago time zone didn’t want to carry overnight. Big move in yields/commodities the following day may have invalidated the premise, do you think zone is still valid?
Dave-FX-Hunter
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Perfect idea, I will add this to my watch list
harveybains146
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Interesting day for the dollar. I have contrarian view that DXY can go up to 92 in short term.
10Year bonds going up too which will weigh on stock markets.
Bitcoin will not like this at all, 50K party may have to wait till next month,