The EUR/USD’s rally today was a correction of the overall downtrend that can seen on the daily chart. This trend view from the daily is the most psychologically relevant opinion and therefore the most dominant view of the pair – regardless of today’s intraday move higher.
No doubt it has been a series of strong sessions that has carried the pair to what I see as an opportunity to enter a trend-following short.
in this video I explain the Dow Jones Industrial Average and U.S. Dollar Index’s role in how I see this short entry playing out; not to mention of course the downtrend that is still intact on the EUR/USD.
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