I've just published an USDCHF idea before:
Not surprising, everything that I wrote there above is exactly valid for EURUSD in an inverse way. EURUSD may spike up to 1,3800-1,3815. Or may stay here 3730-3780
Unless it breaks below 1,3700, it is not a very good risk/reward to keep too much short any more. Especially if starts to trade in a range 1,3720-1,3780 I will absolutely have no interest. I only have interest in possibly trending instruments, and in good risk rewards.
Long term I still think it can be a good sell, but I need better entry level, let's watch if we see any good sell signals after it spikes up on the 4 Hrs to 1,3800-1,3815.
p.s.: I closed all my USDCHF long exposure, and reduced EURUSD too. Even though EUR has the biggest weight in the USD Index, that can be slightly different technically. I will check and post it soon. Maybe it is reasonable to hold USD exposure rather through that bascet than holding positions only in these two very much correlated crosses (I mean EURUSD and USDCHF).
Not surprising, everything that I wrote there above is exactly valid for EURUSD in an inverse way. EURUSD may spike up to 1,3800-1,3815. Or may stay here 3730-3780
Unless it breaks below 1,3700, it is not a very good risk/reward to keep too much short any more. Especially if starts to trade in a range 1,3720-1,3780 I will absolutely have no interest. I only have interest in possibly trending instruments, and in good risk rewards.
Long term I still think it can be a good sell, but I need better entry level, let's watch if we see any good sell signals after it spikes up on the 4 Hrs to 1,3800-1,3815.
p.s.: I closed all my USDCHF long exposure, and reduced EURUSD too. Even though EUR has the biggest weight in the USD Index, that can be slightly different technically. I will check and post it soon. Maybe it is reasonable to hold USD exposure rather through that bascet than holding positions only in these two very much correlated crosses (I mean EURUSD and USDCHF).