This week was very bearish for both EU and GU, but bears didn’t really do much. All fundamentals were working in their favor, but they only managed to make 80-100 pips out of it during the whole week. Even “green” inflation numbers on friday didn’t do much damage to bulls. EU was at 750 before the news, dropped to 700 within 3 hours, but bears couldn’t even break below and bulls took over after London fix and took it back above 725. So bears managed to make 25 pips out of this event, which makes me believe that they are done and finished for now. Unless something major happens over the weekend, bulls should take over next week and keep it up all week. If they manage to break and stay above 830 on EU, then the bullish trend is back and we should see a re-test of 1.10 and possibly start a new bullish run into higher numbers.
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