Sforex
Long

EURUSD: Negative data cann't push Euro lower, bounce back ?

FX:EURUSD   Euro Fx/U.S. Dollar
389 1 5
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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fokkmany23
2 years ago
oh Great
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