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The EURUSD is pulling back on Wednesday after closing above 1.1900 on Tuesday.
Not only that, but the pair just closed the day below 1.1900.
If you saw the last two weekly forecasts, you know that the 1.1900 area was the top of a range that started on July 31st.
Wednesday’s failure to hold above it after Tuesday’s rally hints at weakness.
For that reason, I just told DPA members that I’ve exited my EURUSD long position for more than a 500 pip profit.
I announced my entry in the member’s area on July 7th and added more in the second week of August.
There are multiple signs that point to some renewed US dollar strength.
The EURUSD closed below 1.1900, GBPUSD back below 1.3160, and the AUDUSD even carved a bearish engulfing day.
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This doesn’t mean the EURUSD uptrend is over, but it does suggest that a deeper pullback may be needed.
As for key levels to keep an eye on, it’s all about 1.1700 and 1.1600.
The former has served as range support since July 28th.
As for the 1.1600 region, it’s the top of a multi-year wedge pattern that I’ve discussed for months.
Only a close below 1.1600 would cast doubt over the uptrend.
That said, the EURUSD is vulnerable while below 1.1900 on a daily closing basis.