Euro looking heavy after making new 7 months lows and nothing seems to be able to stop this bleeding; However taking a look around euro pairs gives you a different perspective because euro crosses seems to be holding quite strongly it’s support areas making the case for euro bulls to be hiding just around the corner.
As we can see EurAud EurNzd EurCad ( almost looking identical ) are correcting the rally from last April and these recent moves held above 50% – 61.8% areas which is a bullish sign from a technical view :
EurGbp holding above support for a potential inverted H&S formation which could take euro highers next year.
EurJpy trading in a bearish channel but could this turn out to be a falling wedge ( Flag ).
So all the crosses are making the case for a higher move in the euro group or at least a bounce in the coming weeks
I’m not calling a low for EurUsd but be careful out there with shorts looking to take May’s low .
Maybe my Bias mislead me last week about EurUsd but market correlation is working fine and UsdChf retesting a yearly resistance area where it’s expected to at least pullback
I’m not turning bearish euro till all crosses invalidate these scenarios so maybe EurUsd isn’t the best pair to look for longs but you have a full basket of crosses that is worth checking !
Trade What you see not What you Think