While the euro has fallen a bit against the yen and the pound today, the dollar's weakness has limited the downside risk in EURUSD. If the dollar ends up rebounding following May's US retail sales data on Thursday, we may very well see the euro fall back to $1.12 or even below given the long term trend line that's currently being tested (it comes in at around $1.137$). This is something that we should all be following tomorrow. If the dollar continues to fall, however, don't expect EURUSD to provide a new short opportunity as the trend line resistance would probably break. $1.15 would likely be reached once $1.14 gave way.
I'll be updating this idea tomorrow based on how the market moves following the US retail sales data.
I'll be updating this idea tomorrow based on how the market moves following the US retail sales data.
