EURUSD is About to Break the Trendline
After the strong growth, jobs data with fast increasing economic activity seen in ISM - PMI data, dollar is gaining strength. The rate cuts bets were too optimistic and now it is about to be trimmed. On top of that, "prices paid" sub index in ISM manufacturing and services indicates inflationary pressures might return, but so far it is too early to tell.
While US economy staying strong, Eurozone PMI still way below 50, and for months. The net long positions in the COT report is also showing Euro longs are too crowded. All of the signals showing a down correction might be close.
If the uptrend breaks, it might light the signal fire for more down moves first targeting 1.0660 then, depending on the data 1.0480. 1.075 is the turning point. Look for daily closes below it.
While US economy staying strong, Eurozone PMI still way below 50, and for months. The net long positions in the COT report is also showing Euro longs are too crowded. All of the signals showing a down correction might be close.
If the uptrend breaks, it might light the signal fire for more down moves first targeting 1.0660 then, depending on the data 1.0480. 1.075 is the turning point. Look for daily closes below it.
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