One Good PMI Number Does Not Make A Trend

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So many more problems in Europe beyond the fundamentals, mostly political risk. But first and foremost, the fundamentals still trend down. Price action still trends down. Never trade against the trend. This is probably not an inflection point. It could be only if good data continues to come from the EU which the end of the week it did not. If we continue to see upward momentum as next week progresses, then I will be the first to tell you that EURUSD could finally reverse. Brexit also gives much reason to worry, but if there is a long extension then we could see a rally in not only EURUSD, but also cable (GBPUSD) and chunnel (EURGBP).