EUR Futures are still consolidating. Last week the Department of Labor gave instructions on how to implement the executive order that partially extends federal unemployment benefits signed by President Donald Trump. But it was not enough to get a dollar out of consolidation. Fundamentally, nothing changed for both currencies. EUR has clear support and resistance levels. To avoid higher risks, it makes perfect sense to trade breakout of the range:
potential longs above 1.1920
potential shorts below 1.1690
We previously discussed EUR set up for a decline. Based on COT reports commercials are selling currency. It usually indicates the market is topping. Besides, seasonal indicator points move down. The evaluation model shows EUR is overvalued. With that in mind, we prefer to look for and take sell signals. But price action is “the king” and we will follow it whatever side it breaks. Just use proven entry techniques to open a trade and don’t rush.
potential longs above 1.1920
potential shorts below 1.1690
We previously discussed EUR set up for a decline. Based on COT reports commercials are selling currency. It usually indicates the market is topping. Besides, seasonal indicator points move down. The evaluation model shows EUR is overvalued. With that in mind, we prefer to look for and take sell signals. But price action is “the king” and we will follow it whatever side it breaks. Just use proven entry techniques to open a trade and don’t rush.
