The Euro is obviously in an uptrend. That in and of itself should not be a major surprise, considering that we have been parabolic for quite some time. However, gravity eventually has its say and it looks to me like the Euro is starting to look at it. Ultimately, the market is in desperate need of some type of pullback in order to offer value, and I think we could start to see that. At this point, I believe that the 1.17 handle would be a nice target, and then after that the 1.15 handle would be my next area of extreme interest.
EUR/USD Video 03.08.20
We could see a market break above the shooting star shaped candlestick and above the 1.19 level at this point, but quite frankly that would make things even more dangerous. Do not be surprised at all to see a couple of handles drop in this market, but at that point I will be looking for some type of value investment. I will revisit the Euro at the end of every day and see what it is telling me, but right now it is telling me that it is profit-taking time heading into the weekend. This is not a sellable event, rather it is an event that will give you an opportunity to pick up Euros “on the cheap.” With that in mind, a little bit of patience will go a long way. Remember, it is not about pressing buttons, it is about making money.
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This article was originally posted on FX Empire
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