I watch the long term carefully ( purple line I draw on the chart). If E/U rejects this , the downtrend will come back despite EZ strong data.
And now I see indeed E/U rejected this .
E/U bounced back from 1. 1400 level.
Look at on the indicator, retest 60 many times, it means it cann't break above 60 --> signal for pullback from 60.
If falls down -->E/U falls down as a result.
One more thing , Look at on the chart.
+ SMA500 + SMA100+ EMA50 converge at 1.1050; this proves this is a strong support.
Next strong support at 1.08 I draw on the chart.
This is two targets I watch.
- Back to Fundamental.
Next week, there is no major EZ data, but we have a risk event on Wednesday with FED Meeting where market expects FED Chairwomen Yellen will use this event to prepare for the first rate hike.
I think from now to that event, market will SELL EUR agressively and BUY Dollar ahead the event.
Strong US data + hawkish comment from FED support strongly on Dollar .
So what I will do now ?.
I will OPEN A SHORT POSITION OF EURUSD AT 1.1230 , STOP LOSS AT 1. 1400 , TAKE PROFIT AT 1.1050 AND 1.08
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