The US$ is approaching the 50% retracement point of it's prior rise and with positive divergence appearing on the hourly chart shown, I am looking for some $ strength.
Both the 24 pip and 12 pip range bar studies on EURUSD were showing negative divergence going into Friday's close and given the painfully slow upside, I had closed my longs in the 1.3630 zone in the early afternoon. With the bollys and respective price envelopes being pushed, the pending $ strength may bring an opportunity to look short again or at the very least, buy lower. Either way, I am not interested in looking northbound before a reset.
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