EURUSD - the bulls were tired indeed.
In the previous EURUSD update I gave the headsup for a possible correction. It took a while but finally the currency pair broke down out of the upward support line.
It marks the end of a succesful 5 wave bull run and buyers will now wait for a safe position to re enter the market. Unfortunately for them, this might not happen until the 1.145 to 1.135 area. There is no other major support to be found on the daily or weekly charts.
This could also mean there might be more pressure coming on stock prices since traders are so heavily fixated on the dollar right now.
Expect the bulls to come back to EURUSD though! If we find support somewhere in that area and the B wave correction has ended we could ultimately see 1.30 to 1.35 at the end of this year or in 2021.
I will keep posting updates if interesting turning points have been reached.
Remember: lock your stoplosses in to lock your emotions out!
Best regards from The Netherlands.
It marks the end of a succesful 5 wave bull run and buyers will now wait for a safe position to re enter the market. Unfortunately for them, this might not happen until the 1.145 to 1.135 area. There is no other major support to be found on the daily or weekly charts.
This could also mean there might be more pressure coming on stock prices since traders are so heavily fixated on the dollar right now.
Expect the bulls to come back to EURUSD though! If we find support somewhere in that area and the B wave correction has ended we could ultimately see 1.30 to 1.35 at the end of this year or in 2021.
I will keep posting updates if interesting turning points have been reached.
Remember: lock your stoplosses in to lock your emotions out!
Best regards from The Netherlands.
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