EUR/USD: Reaching possible sell zone
Part 1/1
Hi traders, here comes an update on the EURUSD pair. If you have any questions or suggestions, let's start a discussion on the trade in the comment section below.
We're only taking a trade once all rules of our trading strategy are satisfied!
1. Technicals: Neutral/Bearish - The EURUSD pair is still in a downtrend unless we see a decisive break above 1.10, which would indicate a fresh higher high on the daily. The 1.10 level is a strong resistance for now and could provide a short-term sell opportunity. The level also aligns with the 38.2% Fib, and the short-term RSI is showing a hidden bearish divergence.
2. Positioning: EUR neutral (4/10), USD bullish (8/10). Falling open interest in EUR.
3. Economic Surprises Index: EUR bearish (2/10), USD neutral (4/10).
4. Correlations: Neutral
5. Int.rate differentials: Neutral
6. Headlines narrative: EUR bullish - EU bailout fund, USD bearish - slight risk-on sentiment and Covid-19 vaccine
7. Today's risk sentiment: Mixed ahead of US open - VIX up, DAX and ASX down, FTSE up.
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Hi traders, here comes an update on the EURUSD pair. If you have any questions or suggestions, let's start a discussion on the trade in the comment section below.
We're only taking a trade once all rules of our trading strategy are satisfied!
1. Technicals: Neutral/Bearish - The EURUSD pair is still in a downtrend unless we see a decisive break above 1.10, which would indicate a fresh higher high on the daily. The 1.10 level is a strong resistance for now and could provide a short-term sell opportunity. The level also aligns with the 38.2% Fib, and the short-term RSI is showing a hidden bearish divergence.
2. Positioning: EUR neutral (4/10), USD bullish (8/10). Falling open interest in EUR.
3. Economic Surprises Index: EUR bearish (2/10), USD neutral (4/10).
4. Correlations: Neutral
5. Int.rate differentials: Neutral
6. Headlines narrative: EUR bullish - EU bailout fund, USD bearish - slight risk-on sentiment and Covid-19 vaccine
7. Today's risk sentiment: Mixed ahead of US open - VIX up, DAX and ASX down, FTSE up.
Like our analysis? Please hit the "LIKE" button and share. Thanks!
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