EURUSD as expected started its downward move towards my target mentioned in the previous analysis. The pair is in bearish trend for now and making lower lows and lower highs. I think a temporary top has been placed in EURUSD and the correction I was looking for has started. I warned bulls not to take long positions on EURUSD because we had several downside signals and the most important ones were over exhausted Stochastic and Inflation in Euro zone. Anyway traders who had their short positions from 1.1250 can take their profits at the cloud support which comes around 1.0950 area. Even for today any rally can be a very reasonable chance to sell as we are going down now at least towards 1.0950-1.1000 level. I don't see any reversal in EURUSD in the next week or two because we have FOMC meeting and FED interest rate decision. Chances of FED's rake hike are more than 97% this June which would add further fuel to the decline in EURUSD.
Today's Recommendation: Place your short positions on any small upcoming rally, with stop loss at 1.1250 and set your target between 1.0950-1.1000
Good Luck..
Today's Recommendation: Place your short positions on any small upcoming rally, with stop loss at 1.1250 and set your target between 1.0950-1.1000
Good Luck..