On black friday, we have seen a massive USD sell-off, when it looked like it won’t come anymore. Mostly, turnarounds are painful to watch, but this one was very extreme. The way EU was dropping for weeks, without any corrections, didn’t make any sense technically or fundamentally. The problem with such moves is, that it might be followed by an illogical move in the opposite direction next. My EU bull target hasn’t changed from 1720, but I would like to see a strong rebound towards 1600 first. Buying dips should be the way forward on EU and GU and selling them on UJ. GU has more work to do on the upside and might be a better choice, since its moving faster than EU, when a move starts. Early next week will tell, if we start with a correction down first or if we start bullish right away. Either way, I will be looking for buying the dips.
