EURUSD - Euro Gives up Early Gain yet Again
Enter your emailFading rallies continue to be my favorite way to trade this market because I do know that typically after a choppy move like we have seen followed by a big drop, we chop around a little bit more and then go lower again.At the end of the day, we ended up forming a bit of an inverted hammer, which suggests that perhaps we are going to continue to see downward pressure.
However, Friday is a bit of an outlier at this point, due to the fact that Jerome Powell is speaking at the Jackson Hole Symposium, and the whole world is trying to see whether or not the Federal Reserve is going to continue being hawkish going forward.Looking at this chart, you can see clearly that we are in a downtrend, and there’s nothing out there to make me believe that the Euro will suddenly be a currency that you want to own.
Fading rallies continue to be my favorite way to trade this market because I do know that typically after a choppy move like we have seen followed by a big drop, we chop around a little bit more and then go lower again.
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