While the dollar is on a downtrend this week and against a basket of currencies, the USD dipped 0.1% to 93.180; it now sits at a crossroads: flat for the month after a roughly 10% slide. As the greenback is now set for a rebound we’d like to sell EURUSD at 1.1775 with SL at 1.1875 (or higher for more safety) with TP1 at 1.1630 and TP2 at 1.1500

Chart

The weekly charts point to a stronger USD which seems more likely after the recent push higher. We will also be looking at the U.S. consumer confidence figures at 14:00 GMT for further guidance as to the relative performance of the US economy.

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