The EUR/USD is at big time support level dating back to 2015 on the weekly. It has also been trending down for quite some time on the daily... If the weekly support, and the low pin bar is broken, I might play this down for a month or so.
Fundamentally, if the US sinks into a correction there will be USD pain. This might create a fake breakout to the downside for the EUR/USD below the weekly support. On the flip side to USD pain if a correction happens, the USA seems to be the safest and best bet right now for investors: Europe has their own issues, Germany negative interest, China contracting big time, etc. etc... my point - maybe the USD will stay strong relative to other currencies, even in a correction/recession. Might be a bad place for the USA economy, but apples to apples, would it still be better than other countries in terms of investing? If this happens, then the EUR/USD will obviously slide further.
I'm not going to place any long trades on this pair quite yet, but I am going to keep a close eye.
Fundamentally, if the US sinks into a correction there will be USD pain. This might create a fake breakout to the downside for the EUR/USD below the weekly support. On the flip side to USD pain if a correction happens, the USA seems to be the safest and best bet right now for investors: Europe has their own issues, Germany negative interest, China contracting big time, etc. etc... my point - maybe the USD will stay strong relative to other currencies, even in a correction/recession. Might be a bad place for the USA economy, but apples to apples, would it still be better than other countries in terms of investing? If this happens, then the EUR/USD will obviously slide further.
I'm not going to place any long trades on this pair quite yet, but I am going to keep a close eye.