Bullish EU...

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Not 100% ready to long for the long-term. I believe Dollar is about to give another little dart up. Expect the unexpected!

Here are a few reasons why.

Monthly Quadratics - shows another little move up (White line) - So we assume overall long momentum.

The weekly DXY chart stochastic shows an overbought situation - Suggesting another push up for EU. So again Bullish momentum.

So why do we think, an unexpected move is due?

Take a look at the daily move coming for DXY. Most Retail sentiments show earlier entrants on long EU positions. And that is overly obvious!!!

The Basket of currency tools also show Euro is not as strong as one would assume. This can be shown in the stochastic view on the monthly chart for EU.

Let's see what COT data suggests later on today.

Sat on the fence until further confirmation.

Have a great weekend.

Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.

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We might get a bounce off the X-Trend and mid-Regression. A drop before going through on the next attempt.

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