This week we had a logical move on the US dollar, after an unexpected rise the week before. Looking at the weekly chart, dollar bulls still managed to stay in the uptrend, but it will not hold for much longer…the weekly engulfing candle is the first sign of a trend end. Dollar bulls might be still pushing higher early next week, but it should be a good week for both bulls and bears. EU is at a strong resistance of 1480, so if bulls don’t manage to break and stay safely above, we might see a correction down again. Its tough to tell how deep it might go, we will have to let the market decide on that. I would prefer to see 1280-1320 again, which is where ECB started the move from, to see if it can hold a re-test or not. If not, it might go down below 1200 again. Either way, for me its a “buy the dip” scenario still. My EU target for this year is 1720 and higher. GU on the other hand didn’t manage to stay above 3600, even after another rate increase, so it might be safer to wait for lower levels to start buying again. I would prefer 3300 or lower to buy with more confidence. My bull target for GU is 3720, so just like EU, its about finding good areas to buy for me.
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