Is EUR/USD starting another strong movement towards the USD?
After a very strong cycle for the EUR that began in mid-2020, it seems that the USD is gaining a lot of relative strength.
USD bounced recently from the 200 sessions WMA at ~1.2 USD to continue its path to the downside.
The key area to watch is the 200 session WMA. It kept the price below during the strong USD cycle from 2019 into 2020.
Key support at 1.16.
Below 1.16 and the WMA we want to be short.
A sustained movement like this could also imply weakness in other areas such as emergent economies.
Are we going to see 1.06 again? No one knows, but it seems the beginning of a strong movement in favor of the USD.
Have fun and be careful out there!
USD bounced recently from the 200 sessions WMA at ~1.2 USD to continue its path to the downside.
The key area to watch is the 200 session WMA. It kept the price below during the strong USD cycle from 2019 into 2020.
Key support at 1.16.
Below 1.16 and the WMA we want to be short.
A sustained movement like this could also imply weakness in other areas such as emergent economies.
Are we going to see 1.06 again? No one knows, but it seems the beginning of a strong movement in favor of the USD.
Have fun and be careful out there!
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