I hope you made some profits in EUR/USD longs as per my previous forecast. The currency rallied more than I expected. Mainly it was supported by strong PMI data in Europe. I must admit that ECB is thinking about easing and interest rates cut too. So, fundamentally, there is no reason yet for the long term rally.
We have five waves up and bearish divergence. So, I think next week we will see impulsive wave down. However, I don’t like the weekly closing. We need to watch 1.13300 – 1.1300 range. If price gets rejected there (and especially with some significant volume), I will open longs on managed accounts with 1.14200 – 1.14500 target. But this scenario has fewer chances to happen, as the rally was with very low volume. More likely, we will see distribution and move to 1.11900 – 1.11600.
Pay special attention to the G20 meeting. Trump is going to meet Xi, and possibly they will reach the deal (or not lol). Any way this meeting can settle the middle term direction of the US dollar. So, stay in the loop and don’t miss.
Have a profitable week!
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