What a week! EUR/USD has rallied hard against most fundamental expectations, causing many to re-evaluate what these latest bullish signals mean for the long-term. Some experts say this is the start of an inflationary period for the dollar and this is how the year will end (with dollar weakness). Others believe this is an extinction burst before we see a double-dip on the EUR/USD, US stocks and the world economy in general. So as short-term, technical traders what do we do? We look at the charts and we stick to what we know! And what we know is to trade with the trend. The EUR/USD has made higher highs and higher lows over the past several days so the trend is up. Currently the pair is knocking on the door of 1.4600.
Trading Idea: Trend is up and I am looking for buying opportunities. I would buy a sustained break of 1.4615 or a dip with candlestick confirmation to support above 1.4500. At 1.4500 targets are 1.4555 and 1.4615. With a break above 1.4615 I’m looking for 1.4660 and 1.4695.
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