No doubt that fake out caught many traders unawares, but price fell back below the resistance trendline in the next candle.
This slightly complicates my EU chart as I cannot really on that trendline as much now.
Price was very overbought in that breakout candle, and began to drop as USD started gaining more strength - bad timing as the markets closed 4 hours later, but such is life.
Anyway, EU's overbought condition will still continue into next week, probably during Tokyo, but definitely by London and Berlin.
Unfortunately, there will be high impact designated USD news: Trump's speech, and the GDP report - both of which send price whipsawing back and forth.
However, I still think EU will reach 1.0373, the question is whether price will spike up to the 1.07s before making its way down there.
This slightly complicates my EU chart as I cannot really on that trendline as much now.
Price was very overbought in that breakout candle, and began to drop as USD started gaining more strength - bad timing as the markets closed 4 hours later, but such is life.
Anyway, EU's overbought condition will still continue into next week, probably during Tokyo, but definitely by London and Berlin.
Unfortunately, there will be high impact designated USD news: Trump's speech, and the GDP report - both of which send price whipsawing back and forth.
However, I still think EU will reach 1.0373, the question is whether price will spike up to the 1.07s before making its way down there.