Euro / U.S. DollarShort
EURUSD SHORT
So from the higher timeframe (W1 & M1), the market is clearly to the downside. This is coming of high interest rate and strong economy for the dollar which is bad for the rest of the world. Also, uncertainties causes capital to flee speculative currencies and assets into the US dollar hence is the weak in the pair quotes against the dollar.
Back to the charts, on the D1 we saw a brief rally leading up to the NFP that came out better than expected on Friday causing EURUSD to close bearish.
Going into next week, I will be expecting selling pressure to continue for the EURUSD. This is because the trend line holding the retracement up has been broken and price closed bearish for the week. We also so the FED reinforcing their comment to fight inflation especially if the inflation data comes higher than expected next week keep the dollar strong
PS: I have sell positions on this trade.
Back to the charts, on the D1 we saw a brief rally leading up to the NFP that came out better than expected on Friday causing EURUSD to close bearish.
Going into next week, I will be expecting selling pressure to continue for the EURUSD. This is because the trend line holding the retracement up has been broken and price closed bearish for the week. We also so the FED reinforcing their comment to fight inflation especially if the inflation data comes higher than expected next week keep the dollar strong
PS: I have sell positions on this trade.
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