EURUSD found resistence at its previous highs 1.17 - 1.16. It did fell below it but rebounded since.
Pure from a technical perspective i see EURUSD climbing towards 1.244. That would be a major high. Touching its long term DOWN trend. A perfect time to initiate a small short position.
Crossing that 1.244 are wouldnt be an indication off a furthur rise. Beware of the false breakouts.
I am a long term bear for the euro. The Eurozone has way too many problems regarding sovereign debt & survivability for it's banks.
Once something like Greece/cyprus happens again, it could result in a rapid contaigon, bank holidays and "sovereign defaults".
Long term investor could Short EURUSD allready for the comming 3-5 years or convert some euro's into dollars. When the euro declines, the dollar will rise.
Tough times ahead. Better be on the right side.
Pure from a technical perspective i see EURUSD climbing towards 1.244. That would be a major high. Touching its long term DOWN trend. A perfect time to initiate a small short position.
Crossing that 1.244 are wouldnt be an indication off a furthur rise. Beware of the false breakouts.
I am a long term bear for the euro. The Eurozone has way too many problems regarding sovereign debt & survivability for it's banks.
Once something like Greece/cyprus happens again, it could result in a rapid contaigon, bank holidays and "sovereign defaults".
Long term investor could Short EURUSD allready for the comming 3-5 years or convert some euro's into dollars. When the euro declines, the dollar will rise.
Tough times ahead. Better be on the right side.
Comment:
Initial target reached. EURO seems still strong and dollar index DXY looks it can make new lows. A lot of resitence between 0.237 and 0.273. I would view a weekly closing above 1.28 as BULLISH and closing below 1.20 as bearish
Trade active:
Review: Brilliant analyses. Called the major top and good follow-up advice. Bear case still in play.