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Technical outlook:
The EUR/USD pair reversed exactly from 1.1850/60 levels yesterday, shedding almost 100 pips yesterday. At the moment the pair is working out a lower degree wave ii as labelled here and should be dropping lower towards 1.1600 levels immediately. Please note that the medium-term targets are well poised to drop below 1.1550 levels and selling on rallies remains a safe trading strategy. Price resistance should be strong at 1.1860 levels and EUR/USD should ideally remain below 1.1860 going forward. A 3rd of 3rd wave should be ready to resume any moment now which should bring prices much lower, going forward. Besides, note that 1.1860 level is also fibonacci 0.618 resistance, from where prices reversed yesterday.
Trading plan:
Remain short for now, stop above 1.1960, target 1.1550 and lower.
US Dollar Index chart setups:
Technical outlook:
The US Dollar Index has bounced from expected levels yesterday and rallied almost 50 pips before retracing lower again. Please note that the index has carved out a flat corrective wave structure at the moment and should be poised to resume its rally towards 95.00 levels as depicted here. Please note that the index is carving out a 3rd of 3rd wave as labelled here and is expected to raise sharply higher from here unless it goes into a consolidation mode. It is suggested to trade on the long side and also look to add o dips going forward. Support is expected to be very strong around the 92.50 levels and till prices stay above 92.50, bulls are expected to remain in control.
Trading plan:
Remain long and stop below 92.50 targeting 95.00 and higher.
Fundamental outlook:
No major fundamental announcements are lined up today.
Good luck!
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