After a nice break, I'm back at trading! Yay! The EURUSD has been climbing for several days without a consolidation. This is due mainly to USD weakness. However, trends fade eventually and all markets must consolidate before the next push. The long term outlook for the EU is still in question (opinions vary sharply on this topic), but a short term consolidation is due. The Currency Barometer is also getting very close to being over extended and in this case is a good tool to time our entry if we decide the fade the current trend (i.e. wait for the USD to hit 20 on the 4 hour):
I will wait for Currency Barometer confirmation then go short and hold for a small fibo retracement. I think the EU will continue higher on the long term. If the consolidation is much deeper than expected, we could get a nice entry spot to go long again. Now we wait.
Please trade safe and smart. Keep an eye on news!