Hi Bear, Pelle ... everyone.
Why Go with Pelle, I cant see any reversal signs at all
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Price tried to reverse from 1.522 as well from 1.54 and failed... I would say this is the strongest North move since 2006. As a matter of fact, this is the strongest north move I ever seen since I started trading forex
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We had a strong north move when price broke 1.3000
Another stronger north move when the price jumped above 1.4000
Now we have an even stronger north move after breaking 1.5000
I would say the only level that makes a little sense to reverse from is 1.5950.
With Cot data showing continuation of the up-trend, adding strength to 1.5550. also Usd/Chf closed below 1.0000 strong psychological level as a proof of a strong North move still to come in Eur/Usd next week.
The Market is currently pricing 75 basis rate cut... If FED cuts rates to 50 only, then south might make a little more sense.