From a technical perspective, EURUSD has been in a major accumulation period and I don't believe we can go lower without a major correction first. We've seen virtually no correction since the trend change in April 2018. From a fundamental perspective, as of right now the Fed has a dovish tone on USD and is expected to cut rates sooner than later, meaning we'll start to see the markets price in a weaker USD. Also from a sentimental perspective commercials are at an extreme net long position and currently see a decrease in longs and an increase in shorts. I like the odds on this one.
Commentaire:
As of today (July 27) this pair is looking bearish as it approaches the 2019 low but there's still a possibility this will be a liquidity grab (fake-out) and I'm hoping that's the case so I can buy low and potentially catch this trend reversal
Commentaire:
Also this pair has a negative correlation to USDCHF and I've had interest in a USDCHF swing sell for some time based of fundamental USD weakness and technical sell signals so USDCHF down = EURUSD up (most of the time)