FX_IDC:EURUSD Folks, next week's sessions, I'm looking for a retest of a bullish breakout above $1.0811 with follow through to $1.0833 level. Should price action waiver at those levels, then expect a retracement back towards last week's lows of $1.0735 with further pullback towards $1.0677. However, a pullback extending towards $1.0611 could indicate exhaustion and the resumption of a sideways price movements for upcoming sessions. A bullish EURUSD is supported by continued weakness in USDJPY, coupled by higher price action in crude oil as indicators. Take out the popcorn bowl, it could get interesting from here.
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Well folks, just as described, a retreating EURUSD over the past few trading sessions, saw it retesting the $1.0610 level, before it's reversal. Notice the inverse price DIRECTION correlation to USDJPY ? The Algos are using USDPY'S strength to exert downward pressure onto EURUSD. AWESOME.