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EURUSD has broken to new lows. In my webinar yesterday, I pointed out that this could happen and expecting some USD strength based on USDJPY and USDNOK.
I've blogged quite a bit about the upside on EURUSD and written an article on it. The view is bullish until we get a close below 3500.
A good indicator is the USDCHF. The two are heavily correlated, as the EUR is essentially pegged to the CHF. However we can clearly see that while the EURUSD has broken to new lows, USDCHF is still trading below it's spike low. We saw similar price action divergence on this current move down.
9027 in the USDCHF is a technical level and price spiked to that level and reversed so far. If we are able to maintain below that level and close daily above 3500 in EURUSD, the bullish view remains the same.
I've blogged quite a bit about the upside on EURUSD and written an article on it. The view is bullish until we get a close below 3500.
A good indicator is the USDCHF. The two are heavily correlated, as the EUR is essentially pegged to the CHF. However we can clearly see that while the EURUSD has broken to new lows, USDCHF is still trading below it's spike low. We saw similar price action divergence on this current move down.
9027 in the USDCHF is a technical level and price spiked to that level and reversed so far. If we are able to maintain below that level and close daily above 3500 in EURUSD, the bullish view remains the same.
