EURUSD Still Trapped in a Relentless Down-Trend - target 1.1721
8th May EURUSD Update
EUR made the counter-rally move back to the upper parallel
precisely at 1.1978 before falling away again. Having failed to
hold up at the 1.1910 level it is falling further as DXY
continues its long-predicted rally. EUR should fall to 1.1815
and then bounce to the upper parallel again before falling
away further still to 1.1721 as the month progresses.
Any bounce back to the upper parallel can be still be viewed
as another selling opportunity until the down-side target is
achieved. Whilst EUR remains trapped within this clearly
defined down-trend this pair remains a one way bet.
The trend has to get broken at some point though - only then
do we switch back to long again on this pair.
Just not yet awhile.
EUR made the counter-rally move back to the upper parallel
precisely at 1.1978 before falling away again. Having failed to
hold up at the 1.1910 level it is falling further as DXY
continues its long-predicted rally. EUR should fall to 1.1815
and then bounce to the upper parallel again before falling
away further still to 1.1721 as the month progresses.
Any bounce back to the upper parallel can be still be viewed
as another selling opportunity until the down-side target is
achieved. Whilst EUR remains trapped within this clearly
defined down-trend this pair remains a one way bet.
The trend has to get broken at some point though - only then
do we switch back to long again on this pair.
Just not yet awhile.
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.