There is heavy technical resistance pushing the price lower, and a very strong US Dollar. The Euro got a boost from the ECB’s hawkish tilt last week, although this now seems to be wearing off. However, it remains true that there are weaker currencies than the Euro, such as the Japanese Yen and the British Pound.
Since this week’s open we have seen the price reluctant to fall below $1.0900, and it seems as if we may be printing a short-term double bottom. However, this will mean nothing until the price can get established above $1.0960. Bears still look more likely to prevail if the price remains below that level.
The US Dollar is so strong that I will be happy to take a short trade if we get a bearish reversal at any of the resistance levels specified above ($1.0942, $1.0958, or $1.1026).
Since this week’s open we have seen the price reluctant to fall below $1.0900, and it seems as if we may be printing a short-term double bottom. However, this will mean nothing until the price can get established above $1.0960. Bears still look more likely to prevail if the price remains below that level.
The US Dollar is so strong that I will be happy to take a short trade if we get a bearish reversal at any of the resistance levels specified above ($1.0942, $1.0958, or $1.1026).