EURUSD is in difficult territory though I start to become more bullish. Reasons why:
Dollar index:
Chart: broke structure, it may show a reversal pattern (H&S) so no confirmation yet both bullish or bearish, nevertheless, it is still below structure so that is bearish.
Fundamentals: USA tends to surpluses, reduce spending, all bad for economy so usd lower?
EUR index:
Chart: still in short term 5 wave and no clear reversal signs close to resistance levels. Short term bullish.
Fundamentals: brexit uncertainty remains, though political environment improves. Tend to deficits again and monetairy policy is reducing so all slightly more bullish.
EUR/USD:
Chart: F-flag forming. moving higher in F flag.
Dollar index:
Chart: broke structure, it may show a reversal pattern (H&S) so no confirmation yet both bullish or bearish, nevertheless, it is still below structure so that is bearish.
Fundamentals: USA tends to surpluses, reduce spending, all bad for economy so usd lower?
EUR index:
Chart: still in short term 5 wave and no clear reversal signs close to resistance levels. Short term bullish.
Fundamentals: brexit uncertainty remains, though political environment improves. Tend to deficits again and monetairy policy is reducing so all slightly more bullish.
EUR/USD:
Chart: F-flag forming. moving higher in F flag.
Note
it is a bit "bluffing" to publish something before the FED minutes, however I read the chart like this. situation can be a lot different in the charts after the minutes.Trade closed manually
closed this trade with a nice profit.
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Disclaimer
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.