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Euro Pops as the Dollar Drain Drives Deeper

Euro Pops as the Dollar Drain Drives Deeper

2017-06-27 18:52:00
James Stanley, Strategist

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- In this webinar, we looked at the setups across the FX-space using price action after a rather climactic day of drivers.

- The first market we looked at was ‘DXY’ as a representation of the U.S. Dollar. We had discussed this earlier in the day in the article, Euro, Pound Test Resistance as Dollar Drain Drives Deeper. That Dollar drain had only continued after that article was published earlier in the day, and this leaves the Greenback in a precarious position. Nonetheless, we urged balance and we looked at setups on both sides of the U.S. Dollar.

- The first setup we looked at was long EUR/USD. I had issued an analyst pick yesterday for this setup and since then we’ve seen quite a bit of bullish price action materialize. With the pair running to fresh 10-month highs, traders should be cautious of chasing the move here. We looked at a support level at 1.1212 that could be interesting for ‘higher-low’ plays after this morning’s breakout, and we also looked at a tighter re-entry level around 1.1280 for a similar, albeit more aggressive purpose. Current IG Client Sentiment (as of this writing) for EUR/USD is -4.46-to-1, and this is bullish given retail sentiment’s contrarian nature.

- We then moved over to long USD/JPY for the bullish side of the Dollar. Yen weakness has been a major takeaway this morning with a robust run being seen in the parabolic, bullish movement in EUR/JPY. USD/JPY is testing the top-end of a resistance zone at 112.40, and this can open the door for support re-entries around 111.96, and/or 111.61. I had setup a long USD/JPY setup as part of a USD-hedge in the week before last, and am still holding long USD/JPY for the third target up to 113.25.

- We then looked at GBP/USD, which I am currently holding short as part of yesterday’s Analyst Pick. While EUR/USD is running up to fresh 10-month highs, GBP/USD remains below June resistance; and should the U.S. Dollar begin to reverse or should some of these longer-term resistance levels in Cable come into-play, this could be an interesting short-side setup.

- We then moved over to look at continuation setups in EUR/JPY, which could be a daunting prospect given the parabolic like move seen today. The pair broke above a bull flag pattern last week, and since the bullish side of the pair has begun to show prominently. We looked at two potential re-entry zones at 126.47 and 125.82.

- We then looked at Gold, which I am retaining a bearish stance on. We looked at potential resistance levels yesterday, and the ‘R4’ level continues to hold.

--- Written by James Stanley, Strategist for DailyFX.com

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