We continue to trade the ranges , based on the continuous tug-of-war between the camp who believes that the Fed will start to tamper in September due to the strengthening job market ( higher interest rates, higher USD) and the better data coming out of Europe, both subjects I have covered since May.
I never got the test of 1.32 last week, so there was no trade on the long side. The high at 1.34 seems to be in place and had it not been Friday, I would have established a short EURUSD position at 1.3370. IF we get close to this number we would lean on the short side, with a stop at around 1.3410 and a first objective of 1.32, were we had good demand. If broken 1.33 and then 1.28-1.2750
Weekly Pivot on the September Future:
PP 1.3336, R1 1.3406, R2 1.3472, R3 1.3605
S1 1.3271, S2 1.3202, S3 1.3066
