justatrader

EURUSD - Shorts could be in trouble

FX:EURUSD   Euro / U.S. Dollar
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This is the updated chart to my previous EURUSD analysis. Price did indeed rally back to the 100% Fib level. Price action looks bullish given the Dollar Index is at a major resistance and a major bearish divergence looks to be in play.

For those short in EURUSD .

Look for a break out from the price channel . If yes, then we could see a potential rally. Price is likely to drop down back to 1.23638 - 1.238 levels to test the support zone . Exit then.

Attached references to the previous analysis and the longer term weekly analysis.

A weekly close above 1.25 could see a rally to 1.28.