I saw blood on the floor for the past two days. Dollar staged an impressive rally this week on the back of rising bond yields, lessened the likelihood of an interest rate cut by the Fed and enticing investors to buy dollars. Well..the higher yield in US Bond will increased the demand for US assets and the US dollar..So can't you see the correlation?
The bad news is I lost 230 dollar in few hours which SUCKED BIG TIME..!!! I thought I should back off and stand on the sideline for the time being, in search for timing and a new sort of confidence and I will come back with a vengeance..hehe..
On the other hand, from a short term angle, euro will remain bearish as long as 1.3400 resistance holds and further decline should be seen.
Pivot Points:
R3 = 1.3531
R2 = 1.3478
R1 = 1.3425
PP = 1.3372
S1 = 1.3319
S2 = 1.3266
S3 = 1.3213
Trading ideas: Buy 1.3320, 1.3285, sell 1.3400, 1.3420
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