A medium term view on EURUSD
Again, not a huge fan of this pair as it always seems to outsmart me, however, I'm having a lot of fun back testing ideas and extrapolating from previous price action so I'll give it another punt.
I still believe Fiber will hit parity (as can be seen in the chart) however momentum indicators are currently very oversold and retail trader sentiment is still heavily short so I will be looking to buy in the 1.0970 for a run up to 1.22 before the final push to parity. The bold dashed line is a multi year weekly support line now turned into resistance which should cap bulls. We may even see a spike to 1.24 sucking in excessively bullish traders.
At this point I would want to see sentiment turn heavily bullish to provide additional confirmation of the impending short.
I still believe Fiber will hit parity (as can be seen in the chart) however momentum indicators are currently very oversold and retail trader sentiment is still heavily short so I will be looking to buy in the 1.0970 for a run up to 1.22 before the final push to parity. The bold dashed line is a multi year weekly support line now turned into resistance which should cap bulls. We may even see a spike to 1.24 sucking in excessively bullish traders.
At this point I would want to see sentiment turn heavily bullish to provide additional confirmation of the impending short.
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