Last week we saw alot of consolidation in the range between 110 and 111 areas. This was expected as we were in a strong daily range and NFP news was approaching. NFP news dissapointed as expected and cause USD to fall rapidly to where we find ourselves now at the bottom of the range and with strong bearish momentum fueled by fundamentals. I think we can see more downside and a possible breakout of this range with targets in the 109 area. Currently major timeframes are still showing Lower Highs being created so the trend is still intact. The fed is still expected to raise interest rates at the next meeting on June 14, however, the September meeting which was looking like another rate hike is now in question.
Trade closed: target reached