This past week, EURUSD has reached my past targets, except the one at 1770, which will still happen later, but I am not going to focus on it now. EU is still a short trade, medium to long term, but short term it will be most probably ranging, before it breaks out again. I will wait for the reaction of 2000 or above, if it happens. BUT, looking at the EG chart, that looks to be the easiest trade for the coming weeks, with a SL below 8500, to be safe. If nothing extraordinary happens next week, 8550-8565 is a good area to get into longs. First bigger target is 8710 and the final target is 8850-8900, but that will take some time, most probably. Why is this EG chart so important? Because if it works out, it will make the shorts on GU much better than shorts on EU. While on EU, the small range might be good for 50-100 pips, on GU, the short targets are HUNDREDS of pips away. So I am favoring GU shorts in the coming weeks, over EU shorts.
The next good pair to watch is UJ, as bulls need to correct some, before they break the strong trendline, which you can see on the monthly chart. I think, we will see 107 minimum, but if I wanted to go long, I would rather wait for 105 or close to it, to not enter too early. There is a possibility that it will break the trendline first and then turns bearish. My 2021 target for UJ was hit this week, much earlier than I expected, so I will be trading the ranges the pair creates from now on. So, if we have a spike towards 110 this week, before a meaningful correction below 108, I will be bearish on this pair until 105-107. Either way, bears should be fine now at 109, if they are not too greedy and don’t hold for too long.
Next week we have FED on wednesday, BOE on thursday and BOJ on friday, with many smaller fundamental events in between, so the volatility should be good, for both bears and bulls on all pairs!
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