EUR/USD Set For More Losses

While the dollar is on a downtrend this week and against a basket of currencies, the USD dipped 0.1% to 93.180; it now sits at a crossroads: flat for the month after a roughly 10% slide. As the greenback is now set for a rebound we’d like to sell EURUSD at 1.1775 with SL at 1.1875 (or higher for more safety) with TP1 at 1.1630 and TP2 at 1.1500.

The weekly charts point to a stronger USD which seems more likely after the recent push higher. We will also be looking at the U.S. consumer confidence figures at 14:00 GMT for further guidance as to the relative performance of the US economy.

Frank Walbaum

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