This week we had an important FED meeting and NFP on friday. And neither did help USD much. The dollar is slowly ending its upmove…and all that could have helped him to go higher, is now over. Tapering now seems to be fully priced in, even Powell can’t take USD much higher anymore. And NFP on friday had some excellent numbers and soon after we had a small dollar sell-off even. What does it mean? It could simply mean that the dollar bulls are tired and need some rest. This could be a perfect opportunity for bears to take over…all the big USD related pairs are in favor of this. GU bounced off a strong support around 3420 and can now easily go back above 3600. UJ is topping for a while now and is still a good “sell the spike” trade above 114. Eventually it will break down and might keep dropping for a while. With all this in mind…I will look for buy opportunities on EU next week. Targets remain the same, 1720 and 1820.
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