I still believe that this is a EURUSD relief rally . The 3-hour / 4-hour RSI & CCI were oversold . I expect that if the EURUSD daily close is above 1.1580 then we might have slight stronger rally with a trend reversal but that's just temporary .
The Q2 Data from EU and especially Germany has been Weak or Soft including today's major data stats
-- Trade Balance s.a.
--- Industrial Production n.s.a. w.d.a. (YoY)
TRADE:
Entry 1.1576 to 1.1600
Exits:
Profit Taking 1: ---- 1.1550
Profit Taking 2: ---- 1.1530
Profit Taking 3: ---- 1.1510
The Q2 Data from EU and especially Germany has been Weak or Soft including today's major data stats
-- Trade Balance s.a.
--- Industrial Production n.s.a. w.d.a. (YoY)
TRADE:
Entry 1.1576 to 1.1600
Exits:
Profit Taking 1: ---- 1.1550
Profit Taking 2: ---- 1.1530
Profit Taking 3: ---- 1.1510
My opinion: The trend is not strong enough to sustain the rally and the data is saying the EU statistics are weak or soft compared to US , so the head winds are against the EURUSD rally for now.
EURUSD Puts levels have also increased significantly within the last 2 days .
So i think we continue to SELL any EURUSD rallies until the data indicators changes