Key 1.05 level has held and Friday saw the EUR put in a convincing recovery. Next target for EUR/USD BULLS will be the descending trend line shown. Its difficult to assess USD strength currently as the market seems to be aware of the imminent FEd rate hike but seems reluctant to act on it. So Monday may see this EUR rally fade if the USD BULLS get busy or we may see a move higher in EUR if the USD BULLS remain largely neutral. With price right up against WR1 resistance a move lower from these levels looks certain. The question is open as to where we go after we head south to ease overbought conditions.
Trade idea.
SELL the market to lower ground - possibly to 1.0572 where we may head back up.
Trade idea.
SELL the market to lower ground - possibly to 1.0572 where we may head back up.
