This week, we had another re-test of 1850 on EU, even below and market still made it above before the close. This area is very important for 2 weeks now…and like I said then, I still think the USD will become weaker. This week, EU was the weakest pair…because all other majors, such as GU, AU, NU were dropping, but not as hard as EU did…and it was the most obvious on friday, before NFP, when EU just kept dropping from London start. I was very suspicious about this move, when I saw other pairs holding it well and Gold even being bullish by that time already. I thought EU has to join the gang after NFP, which it did. We had a quick fake drop below 1820 and it was obvious some big money is buying it there, which was probably the reason why it stayed down there for so long. All the other pairs found their buyers already and euro did during NFP, too. I am staying bullish on EU into next week, even though this trade is not as easy as was selling it above 2200 few weeks back, but that trade was way too easy, anyway. When it comes to EU, bulls have a few hurdles to overcome and july being a non-event month, might help there. First big hurdle is 1900, so bulls need to stay safely above…then we can re-test 1975 and if bulls manage to stay there or higher into next week’s close…then finally my bull targets will come into play. The first big one is 2060, second would be 2120 and after that…lets see what happens. Looking on the daily chart on EU, GU, AU, NU, UJ and UCHF…all currencies are looking for new gains against the dollar. And Gold might have started a new uptrend, too, with the first hurdle of 1800 on the way…
