Last week US dollar traded higher against almost all currencies. As per my previous EUR/USD analysis, 1.12700 range got rejected and I believe you made good profits. So, congrats ? German PMI was negative and gave more power for EUR bears. Coming week is very important for the European currency. All traders are waiting for the European Central Bank meeting as it has to set up a stage for easing. But the main question is timing as well as in the case with Federal Reserve.
EUR/USD still has to touch 1.11850 – 1.11600 before I will consider going long. As I mentioned before pair is back to downtrend. So, I need a strong buy signal, like bullish divergence in 1h or 4h chart. The target, in this case, is above 1.13000. If there is no strong buy signal, I will wait for a new opportunity to short.
Wishing you a great week!