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Christopher Lewis

The Euro initially rally during the week but found resistance again near the 200 week EMA to roll over and form a bit of a shooting star. That of course is an extremely negative candlestick and was preceded by two other ones. This is one of those situations where the market is screaming “sell”, and therefore I will be fading rallies on short-term charts. However, if we were to break above these three candlestick that would be an extraordinary strong showing by the Euro, and that would be a screaming “buy the Euro” signal. In other words, I think we are about to get a pretty significant move one way or another. In fact, I think if we were to break above the 1.15 handle, then it becomes a major trend change.

EUR/USD Video 29.06.20

One thing is for sure, the sellers are giving up that easily and it suggests that we could perhaps be looking at a lot of energy being wasted trying to break to the upside. That typically will give back quite a bit, so do not be surprised at all if that happens. To the downside I would anticipate that the 1.10 area would be the next target, perhaps even the 1.07 level on a longer-term basis. Ultimately, this is an interesting chart to me, and I will be using this weekly chart to dictate what I do on shorter-term charts. After all, we are at the precipice of a trend of finding moment.

For a look at all of today’s economic events, check out our economic calendar.

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