Currency Focus: Looking at the EUR/USD

There are a couple of takes on the USD that can be taken into consideration when analysing the EUR/USD. 

One take is that the consolidation that the pair has been experiencing is not yet over.  In that case, we can expect a bounce in the 1.3830 area and bring the pair back up to the 1.39, even 1.40 area, and then fall away yet again before experiencing several months of USD strength.  Alternatively, the consolidation could be complete and we can expect to see a prolonged period of USD strength sooner rather than later.

Either interpretation, we are looking at USD strength in the medium term, when it sorts itself out is another matter.

For now, I am going to trade what I see.  At the moment, the pair is very close to the 1.3830 support zone, so until it closes below, I like trading the bounce because I can keep my stops relatively tight.

You can check out the details of my trade by clicking on the "My Trade Journal" tab at the top.

Happy trading.

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