Dollar index is stuck in a tight range between 91.30 and 92.00 and I still expect a break upside, as predicted 2 weeks ago on the chart below.
But it might not come right away, because EU is showing some signs of bullishness below 1900, at least in the short term. The problem is, 1990 was strongly rejected after both ECB and FED, formed a nice double top on EU, so I would target around 1950 on EU for now, just to be safe and look for bearish momentum there or a little above. My EU target is still 1770, but looking at the chart, the area around 1730-50 might be a good long entry, again just short term, but still.
EG was a pain in the ass last week, even though it confirmed its bottoming and now ready to take off and spike up, PA last week was very annoying, so I will leave the pair alone for now and just use it to analyze EU and GU trades. If EG really spikes up, GU should make a good dive, towards 36xx or less. If it starts dropping, do not try to “catch a falling knife”, might be nasty.
Even though US dollar had a nice bullish candle last week, UJ finished the week with a bearish candle. UJ is “overbought”, even if I hate that term. So, if USD continues its upmove next week, UJ might still go up a little, but it has troubles to stay above 109, so it will be sold most probably, anyway. And if for some reason the big boys want to spike it to 110, there should be enough short orders there and enough stop-losses above, to make it drop towards 106.xx, or at least 107.xx. And if USD starts the week bearish, UJ will drop right away. So bears are still fine, with a proper money management, even in case of a spike up, before the move down. To me, 106.90-107.50 is a safe target, no matter what happens fundamentally.
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