Euro's strategy this week: Be patient and Follow the trend
Over the past 2 weeks euro performed so weak due to poor economic data and strong dollar as well.
While I'd like to remind you to think twice this week before you just short the pair for further plunge, below tips fyi:
1: Euro has been ranging down since Feb, with lower Hl, while the price fail to move deeper last Friday, even the US GDP seems to be strong, a potential prz is forming.
2: US inflation data is not as strong as expected, means the dollar may lack power to climb over 99 or 100
3: ABC corrective move seems completed at 1.1110, a pullback is reasonable.
4: I mentioned in previous post that 1.1200 is cucial(50% retracement since 2000), price may retest that level to confirm further direction.
All these lead to the pullback of euro towards 1.1185-1.1203. I'm going to check the monthly chart of apr to see if price can really break 1.1200.
For intraday traders, scalping or buy low is a better strategy than just sell.
I'll consider to sell high again once if closed below 1.1200 this month or after NFP. But I'll also consider to buy the pair if the black trendline got broken.
While I'd like to remind you to think twice this week before you just short the pair for further plunge, below tips fyi:
1: Euro has been ranging down since Feb, with lower Hl, while the price fail to move deeper last Friday, even the US GDP seems to be strong, a potential prz is forming.
2: US inflation data is not as strong as expected, means the dollar may lack power to climb over 99 or 100
3: ABC corrective move seems completed at 1.1110, a pullback is reasonable.
4: I mentioned in previous post that 1.1200 is cucial(50% retracement since 2000), price may retest that level to confirm further direction.
All these lead to the pullback of euro towards 1.1185-1.1203. I'm going to check the monthly chart of apr to see if price can really break 1.1200.
For intraday traders, scalping or buy low is a better strategy than just sell.
I'll consider to sell high again once if closed below 1.1200 this month or after NFP. But I'll also consider to buy the pair if the black trendline got broken.
ultimate prz for euro may come to 1.1370 level, with a bearish pattern formation.