In tonight’s video I talk about why I’m still bullish the US Dollar and looking to short EURUSD.
Please note that in the video I mention I have already started a short position. I’ve taken that off for a tiny profit, as I’m not sure we’re quite ready to roll over yet.
Here’s a look at the 15-min chart and why I think we might be heading a bit higher yet:
We’re essentially consolidating this last leg higher and hanging out above the previous resistance zone. The 50 and 100-bar SMA’s have crossed the 200 and the 50 is nearing current price, likely to be supportive.
I’ve actually taken a small long at these levels, targeting just a 40 pip move for now. In short, although I’m overall bullish on the US Dollar, and therefore bearish EURUSD, I don’t see any clear signs to start that short position just yet.