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The EURUSD Broke to new lows late in the in the London session (around 4:30PM GMT). Is this a sign of the return of USD strength after a week of essentially sideways movement?
The problem with the USD at this point it that it's no doubt almost everyone is bullish, but it would be easier to buy on a dip, rather than continuing to chase the currency higher.
We have started to see momentum slow already. USDCAD is a great example, as the pair starts to move more sideways (while still making highs) but no longer displaying the momentum seen a few weeks ago.
It's very likely that there still is more upside in the USD, but it has started to become increasingly difficult to buy and trade at this levels, without further certainty that the FED will in fact raise rates.
The problem with the USD at this point it that it's no doubt almost everyone is bullish, but it would be easier to buy on a dip, rather than continuing to chase the currency higher.
We have started to see momentum slow already. USDCAD is a great example, as the pair starts to move more sideways (while still making highs) but no longer displaying the momentum seen a few weeks ago.
It's very likely that there still is more upside in the USD, but it has started to become increasingly difficult to buy and trade at this levels, without further certainty that the FED will in fact raise rates.
