I have a big question that why extreme negative data recent weeks cannot push EURUSD to break key support 1.2500 ?.
We had negative data come from EZ industrial production, ZEW survey,Export, Import, Markit PMI, and Factory Order All of them is so bad, but EURUSD still hold above 1.2500
The answer I think is EURUSD fully pricing for negative data, and a bounce is an unavoidable result.
Moreover, I see fact that GE-US 10 year T-bond spread is move higher from the low, and because the strong correlation between GGE-US 10 year T-bond spread and EURUSD, I think EURUSD will bounce back to 1.3000
I still keep my LONG position of EURUSD to 1.3000, I will give up LONG EURUSD if price moves below 1.2700 where I will reload SHORT EURUSD.
Look at on the chart, to have a meaningful uptrend, EURUSD needs to come back bearish channel (Green channel I show on the chart), and a break above 1.2850 key resistance.
OK, let the market moves.
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We had negative data come from EZ industrial production, ZEW survey,Export, Import, Markit PMI, and Factory Order All of them is so bad, but EURUSD still hold above 1.2500
The answer I think is EURUSD fully pricing for negative data, and a bounce is an unavoidable result.
Moreover, I see fact that GE-US 10 year T-bond spread is move higher from the low, and because the strong correlation between GGE-US 10 year T-bond spread and EURUSD, I think EURUSD will bounce back to 1.3000
I still keep my LONG position of EURUSD to 1.3000, I will give up LONG EURUSD if price moves below 1.2700 where I will reload SHORT EURUSD.
Look at on the chart, to have a meaningful uptrend, EURUSD needs to come back bearish channel (Green channel I show on the chart), and a break above 1.2850 key resistance.
OK, let the market moves.
Please like my FB page to get FX signals and update Analysis: www.facebook.com/sforexsingals
And follow my Twitter: twitter.com/SforexSolution