Where now for Anti Dollar

The Euro (Anti Dollar) has been the topic of conversation for many experts in the media recently so I thought it would be a suitable topic for us to go over today.

The Euro has been in an uptrend for a long time now and many are calling for a top on this pair. Actually, many have called for a top almost weekly ever since it started it's uptrend in the first place and yet the Euro has defied these experts expectations.

So where now for the Euro? The chart below shows the technical aspect of the Euro.


Chart courtesy of Advanced Get. Data provided by eSignal.

The Euro made a fake breakout, a pop and drop then retreated to the trend line to find support. All the fib levels have held positively for further strength to the upside but watch out for the 886 zone.

We need a decisive BOB on this pair for any form of uptrend continuation can be clearly confirmed. Of course if the price breaks below the trend line does not confirm a down trend but represents short term weakness.

The outlook on the Euro Dollar has not changed and we are still bullish medium term on this pair. Short term remains to be seen and will stand aside until we have a clearer picture. We are looking for signs of further strength to the upside and all of you that I have spent time teaching forex trading should apply those principles. What we want is a retest then the Euro characteristics will become more aparent.

We have placed the USDJPY on to our watchlist and will wait for a good set up on this pair before pulling the trigger.

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Good trading.

Forex Analysts
Javid Shaik & Anne Chapman