The EUR/USD pair dropped close to 1.1720/30 levels on Friday as expected and discussed earlier. The pair is seen to be pulling back through 1.1800 levels at this moment and is expected to drop lower again towards 1.1700/10 levels at least. A meaningful correction can be expected after that drop, towards 1.1850/60 levels. Please also note that immediate price support is seen at 1.1710 levels as well and hence pullback rally seems to be a natural process. The overall wave count also suggests that EUR/USD should be looking to push lower towards 1.1500 levels at least but after a pullback is complete. Besides, note that bullish divergences are beginning to show up on short-term time frames and hence taking profits on short positions around 1.1700/10 levels is a good plan for now.
Please remain short, move stop to breakeven, target 1.1700/10
US Dollar Index chart setups:
The US Dollar Index has pushed higher to estimated soft targets and remained shy by just about 10 points on Friday. The index has retraced a bit for now and it is expected to push through 94.20 levels, before producing a meaningful correction lower. It is also possible that the index produces the necessary correction now, before pushing higher. Please note that US Dollar Index bulls are wanting to take out price resistance at 94.20 levels as plotted here. Also note that the index should be looking to continue rallying towards 95.00 and higher levels till prices remain broadly above 92.50 levels going forward. For now, it is suggested to take profits off the desk around the 94.20 levels since a meaningful pullback can be expected then.
Please remain long for now, stop at breakeven levels, target 94.20
No major fundamental events are lined up for the day.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Harsh Japee,
InstaForex Group © 2007-2017
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