please find attached today’s video-review for the Euro-Dollar cross:
The trade suggested yesterday didn’t work and stop-loss price was hit in the morning European session. In the morning a 15min sequence broke against another level of resistance at 1.2994, just at current highs, and I took another small trade in the Swing Trading Model Portfolio after I have posted it on Twitter, later on I will post more on this in the weekend Newsletter.
Euro-Dollar cross FX futures is currently respecting the resistance at 1.2994, moreover it is important to note that on their daily charts, all the American indices and the Italian FTSEMIB have short setups, while 3-year American bonds are respecting bullish setups and the Dollar Index is still in a upmove. Thus intermarket analysis confirms a short setup for the Euro. Therefore a continuation lower into 1.2730 and then 1.2620 is still possible.
If the move downwards does not continue, above the 1.3035 area we will re-evaluate the Euro price dynamics and, it that case we will have to agree that the next leg higher for the Euro started already at 1.2820. This is, of course, possible and price will confirm it.
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Have a great weekend.