Actually, most USD related pairs are due for a correction early this year…not just EURUSD, but also GBPUSD, AUDUSD, NZDUSD and USDCHF, USDJPY. I will make the analysis on EU, but the same applies for all the pairs, as technically, they are all showing the same signs. Dollar is oversold across the board and the question is not IF it corrects, but only WHEN and HOW MUCH. Fundamentally, EU reached a level last week, which even ECB couldn’t take anymore…and it dropped nicely off 2300. Technically, all indicators tell us, EU is overbought. I am curious about today’s market open, because looking at the H4 chart, if EU opens without a gap down, it may bounce up from current support at 2210-15, before moving down later in the day. So the asian session will be interresting, as to how high they can take it until Frankfurt and mainly London starts. But I will be looking only for short opportunitites this week.
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