Too Early to Buy Euro
The EURUSD bounced upward from a technical support level on June 8-9. Many traders believe that this could be a good sign of growth for the Euro. The price climbed from around 1.0660, which was our downside target to 1.0770. That is a gain of over 100 points!
However, when we look at the daily chart, we can see that the 1.0660 level coincides with the 200-day Exponential Moving Average (EMA), which is known to be a strong level for the market to break through. So, it is important to be cautious. If the price dives below the 1.0660 level and the 200 EMA, it might be a good opportunity to consider selling it. In that case, the target of the short position would be around 1.0520.
Personally, I haven't changed my view to turn EURUSD short. The Euro is showing some divergence with the oscillators on the daily charts. This can be a strong indication of a potential reversal in the price direction. Moreover, after the downward reversal from the 1.11 level, the price continues to drop.
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