The EUR wants to break Higher but with Brexit still weighing in I doubt it will. The pair is trading sideways and is either building for a breakout north or exhausting demand and will be overtaken by supply. I'm waiting for the pair to break out of this area before considering a trade on it.
The Dollar has been decently strong the past few trading days as CAD has been weaker aligning itself with Oil not breaking and holding above the 40-41 range. I can see this pair rising but I'm waiting for it to test the area and show strength before I enter.
Safe haven currencies are showing weakness with the world pinning high hopes on a COVID-19 vaccine on the horizon. The pair looks a little overextended in the short term as such I expect a small bounce then a continuation south before turning back north to test the high.
With the Dollar consistently producing strong data its only a matter of time before the chart reflects it. I'm starting to be more bullish especially with the stall and range the EURO has itself currently in. I'm expecting the index to break to the top but we will see as anything can happen in the markets.
If the index breaks north the target will be the 90.40...
The Euro has changed from an uptrend to range bound in the short term. We may be seeing the end of the strong uptrend that the Euro has been in or a complex PB but I'm leaning towards the end. The Dollar is still on its hike cycle with three hikes predicted this year and should be strong but with all of the turnover in office and ongoing talks about Russia we have...
The Euro had a nice swing downwards to the 1.22 area. Good pips for anyone who hopped aboard. I'd take profits and watch for price to indicate what to do next. We could see a firm bounce from this area or a break and run to 1.126 trendline area.
I marked the last time price was in this area. We can use this price action to determine the likely outcome of what...
Price is entering an area of decision. Will we continue the range that started back on Jan, 12th or will we see a breakout to the upside with 91.00 being our target? Either way, the price action of the next few days will tell all. We don't have any major data points coming out, so look for Fed Speak or unexpected events to have a bigger impact than usual this...
U/J is overextended to the southside. Needs some room to breathe. Look for a bounce here to around 108.25, if that area is broken look for price to test 109.50 then 110.25. The US still is one of the strongest economyies in the world. Recent weakness across the board for the dollar is centered around political noise like the possibility of a government...
The pair formed a clear double top at the 1.25 area. Look for the continuation of the move south to the 1.22 area. If price breaks that area look for a play towards the trendline. Zoom in on price action to see the double top more clearly.
Always have a plan. Idea becomes invalid if price breaks north above the 1.255 area and holds.
Remember always make your own...
The strengthening of the dollar should continue now that the possibility of a government shutdown is behind us. We should see the dollar reach the 89.40 area. If we can hold there price will continue to around 90.00. The key figure to watch with this rally will be Thursday's CPI inflation data. We should see an on par or better than expected figure but if not....
