Sell Any Rallies in the EURUSD for MidTerm

Buy around 1.1025 - 1.1032
Take Profit 1.0990

I still maintain downside bias for EURUSD. So far, the main driver is the strength of Dollar Index. We still have a broad based firmer Dollar as well as better than expected economic data released last week and yesterday.

The other reason for EURUSD short is the fundamental outlook for EUR and Eurozone economy still remain bearish for short and midterm.

Comment:

MUFG on EUR

Not Expecting A Big Drop Or Rally In EUR At This Juncture

Read more below…

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In a recent note to clients, MUFG discussed its outlook for EURUSD; expecting the pair to become more stable, even if trade uncertainties escalate.
MUFG explains:

Incredibly low trading ranges remains in place for EUR/USD and over the last month we've had basically a two-big figure range between 1.1000 and 1.1200. And we see reason for EUR/USD to remain pretty stable going forward. The big global macro event risk that could have an impact on EUR/USD is of course developments in US/China trade negotiations.

Certainly as of now, there appears greater risk of disappointment than a sudden deal....Now normally we would then expect EUR to get hit and while that is possible, we certainly see grounds for any decline in EUR to be very modest indeed.

We wouldn't necessarily class ourselves as EUR bulls at this juncture but the above factors should certainly help to provide good support for EUR. If EUR does get hit on US-China trade tensions escalating, the hit will be modest and would likely reverse quite quickly underlining the continued narrow trading range for EUR/USD.

Trade closed: target reached:

TP reach at 1.0990.

Tell me how many pips you make at comment section below