This week, USDx finally took off from 90, closing the week at 90.50. But since all of the move happened on friday, I expect bears to fight back a little, early next week. Last week I was talking about the 2150-60 area on EU as a strong support zone and it was acting like that all week. Now that we broke below, it might act as resistance. Next week we have FED on wednesday, so very likely another ranging week for the first few days…and this 2150-60 area is very important for the euro, it seems, so I wouldn’t be surprised if it was re-visited. I will look for short opportunities before or during FED, if we indeed keep ranging early in the week. My EU short targets didn’t change, just need to look for good entries next week. Monday will give a clue, as how high EU bulls are able to take it…closing price was 2107, so 2130+ should be doable for Asian session and London will give more clues after that. But wednesday-friday will be the most important days of the week, anyway, so taking a break until then isn’t a bad idea either. 😉
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