I said a few weeks ago that I wouldn't be surprised if eur\usd went to 1.2000 and we are now pretty much there. USD is very weak and with last weeks announcement by the fed to change it's stance on inflation imo this has added to the weakness overall. Now with the pair hovering around the 1.2000 handle and looking a bit overextended on the weekly chart I believe a strong pullback is imminent at the very least but with the next strong level sitting at the 1.2500 mark I would be surprised if the pair makes another strong push up especially with last weeks COT data reporting a big increase in US dollar net short positions. From here, Im just looking at the highs and lows and playing off of the 1.2000 level for value areas for nice short-term plays.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.