From my previous chart on EURUSD you will note that whilst it has been confusing and experience normal or on occasions little deeper than anticipated pull backs along the way, I am remaining bullish on EURUSD from longer term perspective. I am using my longer term analysis of the Dollar Index fort this bias. If I am wrong on my analysis of Dollar Index then I will need to re-evaluate the whole analysis. However, it seem to beholding to my view for now.
I suggest you check my Dollar Index chart for the details of my view on DXY. Here is the link -
Also note the Correlated chart snapshot of EURUSD and Dollar Index below.
Therefore, the April Low in EUR I feel is significant and should hold. If so then the upon completing the retracement of the last move up which could find a potential bottom around 1.2850 or 1.28, any more then I will need to reconsider. If 1.2850 -1.28 hold then we could expect fairly strong move to the upside.
This means that for the coming week we will drift lower to form that bottom, before continuing with the uptrend. The upside should at least lead to retesting the 1.37 high and could continue higher.
I suggest you check my Dollar Index chart for the details of my view on DXY. Here is the link -
Also note the Correlated chart snapshot of EURUSD and Dollar Index below.
Therefore, the April Low in EUR I feel is significant and should hold. If so then the upon completing the retracement of the last move up which could find a potential bottom around 1.2850 or 1.28, any more then I will need to reconsider. If 1.2850 -1.28 hold then we could expect fairly strong move to the upside.
This means that for the coming week we will drift lower to form that bottom, before continuing with the uptrend. The upside should at least lead to retesting the 1.37 high and could continue higher.