Forex Chart Review and Forecast
Let’s review our Forex charts HERE, on, July 12th, 2018, in our Forex Signal and Forecast report, we talked yesterday about DXY possibly retesting 95 before dropping, this is about the only thing that happened yesterday and that EURUSD moved down to the bottom of the range that we have defined. This morning we took a different view on DXY and EURUSD, while we missed the perfect retracement to 70.5 Fib, we have not yet seen a higher high from that bounce and that is why we have been bearish on DXY. In order for our previous bullish view to remain, we have to see a close of DXY above 95.51; we thought that the pattern would arise this week but it has not, there hasn’t been enough fuel (imagine that, despite Trump being everywhere in the media).
We also missed this sign on EURUSD as we missed on DXY that it had a perfect retracement to 70.5% Fib level, according to this EURUSD is still bearish and clearly, that is what happened. However, we had a violation of previous high and this would indicate a possible new trend, we have not seen a lower low and we are still therefor stuck in trying to figure out where this is going. A break below 1.15091 with a close below this level would move us back to the bearish believe that we have had of EURUSD for the last 6 months, however, we are not seeing strength in this move and we think there is a chance for a new high.
Review our charts and follow them accordingly.
Play it careful and enjoy.