As per my previous EUR/USD forecast range near 1.1100 was bought. Well. The funny thing is I missed that entry. Yeah, I even don’t know how. Maybe it was a result of an allergy I had last week. Anyway, let’s move on. I need to find a new entry now.
Last week we got the home sales report. It wasn’t good and showed a decline. So, likely we will see a decrease in income and spendings reports also. But it’s only my guessings. However, despite it, the US economy is still doing better than the EU in light of global economic slowdown. Elections to the EU Parliament can bring some choppiness or unexpected moves depending on results. Technically we are now in the middle of the channel — not the best time to take new trades.
I will consider longs of price retests 1.11400 – 1.1100 and gets rejected there. Otherway, I will wait for rejection with significant volume above 1.1300 to go short with target 1.1050. I believe we still will see consolidation before real reversal. It should take a few months.
Good luck and good trading!
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