The EURUSD is forming its 2nd straight green weekly candle, and has arguably halted its downtrend (on the weekly chart). With the EURUSD trying to bounce off uptrend support (on the 4hr chart), odds are high for a break above the 38.2% Fib retrace of the February to May downtrend extension before month end. Given that the 2017 low as provided a springboard for the strong rebound in the past 2 weeks, a retest of the psychologically key 1.05 whole figure level before month end is unlikely, regardless of today’s US GDP and Friday’s US PCE Price Index data. Monitor as usual for any signs of escalation or ceasefire in the Ukraine-Russia conflict. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying. I am long as of today at 1.069 although if I were flat, I’d look to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on GBPUSD, RAW SUGAR
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