Crédit Agricole: USD Growth Isn't Over Yet
The rally of the US dollar has stopped for a while. That allowed risk-on assets (GBP, NZS, AUD, stocks) and also gold to recover some losses.
Another EUR/USD Trade!
2021-08-18 • Updated
4H Chart
Daily Chart
We sent out a signal yesterday to long EUR/USD between 1.1765 and 1.1750 with a stop at 1.1725. Unfortunately, the euro ended up the day at a 1.17 support area, triggering our stop loss. Such move comes despite the negative US retail sales data, which came in worse than expected, while all the prior data has been revised higher, which triggered a stronger USD. However, EUR/USD is holding well above 1.17, with a possible double bottom on the daily chart. Therefore, another long position at 1.1710 is worth the risk, with a stop at 1.1685, targeting 1.1748 followed by 1.1760 for now.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1.1582 | 1.1658 | 1.1684 | 1.1734 | 1.1760 | 1.1810 | 1.1886 |
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