Hello Traders, as you all know it is very important to watch the EUR/USD as a gauge on dollar strength and weakness, which then in turns plays an important role in the U.S equity markets. Now a couple days ago we posted the chart and showed how we were at resistance on the Euro. Well what happened ? We got some selling pressure at the top of the chart, dollar got strong, and U.S equity markets received some selling pressure. Now as more time goes by we are able to see what type of pattern could be forming within our proprietary channel analysis. Thus far we now have a possible bull flag in play below the resistance level. We are holding above the 50% channel line and 2 days ago we tried to break out but failed. Multiple attempts to try and break in the Euro has failed as you can see, but if we get above that key level look for the Eur/USD to breakout and the dollar to continue lower. If we fail and rollover then expect the opposite. I will stay on top of this and keep you traders posted. I bring this chart up every a.m to see how we are trading before the open. Have a great weekend and more great post to come. Were on fire !!
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