Guys, today I want to focus on US stock market and EUR/USD. So, let’s go… As Rammstein sings – ‘Amerika ist wunderbar’. What else can I add? US indices lost almost all it’s annual gains. We may get very bad annual candle. I know all are waiting for Christmas rally, but recent price action reminds me 2007. To keep it simple, if we will see a kind of pullback and price stagnation instead of rally, get ready for 2019 crisis. The most confusing thing is the fact that fundamentals still mostly bullish, including main economic indicators, like unemployment, consumer spending etc. So, based on economic cycles, we still have few years of growth till bears will take control in stock market. Any way at year end I will be ready to make my forecast for 2019.
It was hot week for EUR/USD. Brexit and Italy made it’s direction clear. Italy refused to submit budget proposal in accordance with EU rules. I don’t like their Prime Minister’s tone. It makes me think we will see more conflicts and possibly even sanctions against Italy. So, yes, expect more pressure on EUR.
With such fundamentals upside is limited to 1.1550. As you see on the chart we have 2 sellers zones – 1.14200 and range 1.14600 – 1.15000. Look for rejections from one of these levels and go short with targets 1.11900 and 1.11200. Re-sell level – 1.13000. I see 1.15500 only in the case if market makers will decide to wash out weak retailers before main move and make a false break up. I will keep my trading signals subscribers updated, when market meets entry conditions.
Good luck and good trading!
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