The EUR/USD likes 1.1850: Level to Sell

The Euro has been trying it’s best to spike higher, despite an overall downtrend. I felt that selling at both the 1.1800 and 1.1850 levels provided good value and I’m still of that belief in the longer-term.

Yesterday we saw the USD fall away along with equities. That provided a bit of strength to the EUR/USD in the same fashion as we got last week, on a dovish FOMC outlook.

To me, it’s still the same levers that are being pulled. It’s a weak USD that has been pushing us around. If in fact, we gain some strength, in the form of tax reform being passed, then I think we will tumble back down to earth.

I’m still prepared to be a seller at 1.1850 for the time being.