EURUSD Relief rally or Trend Reversal ? pick your poison

I still believe that this is a EURUSD relief rally . The 3-hour / 4-hour RSI & CCI were oversold . I expect that if the EURUSD daily close is above 1.1580 then we might have slight stronger rally with a trend reversal but that's just temporary .

The Q2 Data from EU and especially Germany has been Weak or Soft including today's major data stats

-- Trade Balance s.a.

--- Industrial Production n.s.a. w.d.a. (YoY)

TRADE:

Entry 1.1576 to 1.1600

Exits:
Profit Taking 1: ---- 1.1550
Profit Taking 2: ---- 1.1530
Profit Taking 3: ---- 1.1510

Kommentera:

Though EURUSD is going to mostly likely close above 1.1580 for the day . it failed at 1.1608 early morning has traded below the psychological level 1.1600 for the rest of the day . The DXY has stabilized above 95 handle.

My opinion: The trend is not strong enough to sustain the rally and the data is saying the EU statistics are weak or soft compared to US , so the head winds are against the EURUSD rally for now.

EURUSD Puts levels have also increased significantly within the last 2 days .

So i think we continue to SELL any EURUSD rallies until the data indicators changes