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  • US yields continue to creep higher, forcing investors to de-risk across different asset classes $USD $DXY $XAU $XAG https://t.co/NNa4l6Fpql
  • Monday rounds out the biggest three-day tumble for $EURUSD since April 3rd. Further, the 200-day moving average is once again in view after 200-trading days above the long-term benchmark https://t.co/KAigLZ2EeE
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  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.07% 🇬🇧GBP: -0.11% 🇦🇺AUD: -0.42% 🇪🇺EUR: -0.54% 🇳🇿NZD: -0.59% 🇨🇭CHF: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/VvEMwfDftX
  • Rising yields (the aggregate yield I mentioned earlier is overlaid and inverted in red here) is dragging gold lower. The 60-day correlation (3 trading month) between $GC_F and yields is the strongest net negative since Oct 2019 https://t.co/Myo0FlsvJA
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.42% Silver: -0.47% Gold: -1.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fxdEWv4bfo
  • The Australian Dollar now risks a deeper March correction with the AUD/USD price reversal approaching multi-month uptrend support. Get your $AUDUSD market update from @MBForex here:https://t.co/jYfBrd5b22 https://t.co/tbU9BM3n3L
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.43%, while traders in Germany 30 are at opposite extremes with 80.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/W16EBX7wwK
EUR/USD Above 1.2890 Needed to Alleviate Downside

EUR/USD Above 1.2890 Needed to Alleviate Downside

Jamie Saettele, CMT, Sr. Technical Strategist

240 MinuteBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Above 1.2890 Needed to Alleviate Downside

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Did the ‘initial resistance line’ mentioned yesterday nail the low? It’s too early to tell but the inside day is a good start. No change from yesterday - “The EURUSD diagonal count I’ve been tracking since 1.3133 is coming into sharper focus. The diagonal line crosses about 1.2665 on Friday. This is in line with the November low at 1.2660 and 61.8% retracement of the rally from the July 2012 low at 1.2679. Of note as well is the initial trendline from the high above 1.3700. That line has come into play as a pivot many times in the last several months.” It’s worth noting that next week is heavy with event risk.

FOREX Trading Strategy: Exchange markets are closed in the US and Europe on Friday and closed on Monday in Europe so don’t expect much until Monday night (Tuesday Asia) at the earliest. “In order to turn bullish, need to see price fall into 1.2660/80 and reverse or exceed 1.2890 from current levels.”

LEVELS: 1.2679 1.2500 1.2660/801.2890 1.30471.3106

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