The U.S. Dollar continues to move as a combination of strong US data and safe-haven flows have boosted the currency.
weakness, with the pair closing in on a fresh 20-month-low as of this writing. I’m anticipating that this low will be set by the time you read this, so I’m going to draw this up as if the pair had just touched down to a fresh low.
Chasing such matters can be dangerous as the pair has already fallen by more than 150 pips over the past two days. And given the severity of the situation, there certainly is a chance that the breakout continues to go down, with prices falling further to fresh lows. But as a rule I don’t chase markets and this is no different. So, there’s two rational ways to move forward if chasing is out of the equation, and the first is likely unsavory to thosebut it’s to wait for prices to pullback. The prior support zone of 1.1187-1.1212 remains of interest for such themes. Alternatively, if traders did want to play for a continued breakdown – find a support level and implement breakout logic, which we discuss in the guide that’s available from the below link.
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