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Shorting the Retrace Up in EUR/USD, at the 50 SMA
EUR/USD has turned bearish this year, after being massively bullish last year, due to the USD decline. The USD stopped declining this year, turning EUR/USD bearish. In fact, EUR/USD has become one of the most bearish pairs this year.
It lost around 4 cents from the top at 1.2350 and retraces higher have been met by heavy selling. Today we are seeing a retrace up, after this pair opened with a bearish gap last night. But, we have approached the 50 SMA (yellow) on the H4 chart, which has provided resistance several times before and is scaring buyers already now. We decided to take a position here and opened a sell forex signal. ECB governing member Knot also made some comments as below:
Comments from the Governing Council Member Knot
- Major part of the yield rise this year is due to better fundamentals but some of the rise unwarranted
- Once economic improvement materializes, reason to front-load asset purchases disappears
- Vaccination may allow stimulus exit talks this year
Central bankers weighing in on market levels is a quagmire, but when you run massive QE programs, that’s the result.
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