EURUSD: Time at mode analysisBrexit made the Euro break under the uptrend mode support, very bearish. Right now, the Monthly has a potential downtrend setup to confirm if price is under 1.1216 by end of July.
We could form a new 15 week mode here by the end of the month. This could propel the daily and weekly trends up,
against the monthly confirmation. What this tells me is simple, sell the top of the rally to rejoin the bigger picture trend.
This will take time, meanwhile, we should look for a safe exit for our shorts, and flip long.
I think the market will go for everyone's stops, and everyone must be short the Euro right now.
It's highly likely we'll see the Euro, Gold, Silver and the Yen rally together once this happens, as a risk off event.
The G20 summit might be the catalyst for this to happen, expecting a major shift and volatility, potentially an equities selloff to come as well. After Monday's close, we can determine the new key level location. Pay close attention this week.
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Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
