Trump says U.K. would fight for U.S., doubts EU commitment
Darn and dang… these shallow corrections are a problematic pain in the posterior. They really screw up the process of wave identification. I know what the larger picture is – but it’s trying to make sense of the intermediate development that is really tough. Thus, just retain your stop loss/trailing stops because we still have dollar bullish momentum in both hourly & 4-hour charts. This appears to be backed up by the 4-hour and hourly Price Equilibrium Clouds. As for the daily Clouds, well we still need to see a little more effort to break away from their current position.
Therefore, today is important in terms of the need for the recent dollar gains to resume which, as long as bullish momentum is maintained, should be the outcome. Any failure could bring us back into a sideways move.
These comments refer to just about all the pairs I analyse with the exception of EUR/JPY and USD/JPY. Until USD/JPY can break out from the range of the past month it’s difficult to judge whether it will extend or not. To be honest, it’s so far into the apparent triangle that it won’t be long before this finally bursts the damn and should follow the other pairs in a dollar bullish outcome. That should maintain the downside in EUR/JPY due to the fact that EUR/USD should be a lot more robust compared to USD/JPY.
Thus, just ensure that we continue to see the dollar resume – potentially with another shallow correction. There is some early risk of sideways development but overall we should see further decent movement today.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.