EURUSD has deviated from the usual risk off behavior it has exhibited in one year, as you can see when comparing it to inverse IBB in the line chart pair above. The last daily close is right above a low volume support level, but still near the lows. It'd be interesting to see if it resumes the uptrend from here.
I'll be monitoring price action in hourly charts, watching Vix, the Yen, S&P500, as well as gold, bonds and oil to determine what the Euro's direction will be after the Brexit mayhem smoke clears. The fact that the uptrend mode held is bullish, but we'd need to see evidence of a bullish setup forming to go long here.
We can't blindly trade it yet. There is conflict between weekly and daily signals, so for now, we can't trade in this pair, but once it's safe, we'll have a potentially terrific long opportunity if support holds.
Stay tuned for updates on this chart.
Cheers,
Ivan Labrie.