Market Update 7/15 – Bullish Euro/Commodity FX
DXY and USDOLLAR remain in flux (one more push higher as per the 4th wave interpretation?…see yesterday’s post) but EURUSD action from the low is constructive. Price rallied in 5 waves and declined in 3 waves therefore I lean towards the long side against 1.1772. Also, don’t forget that Euro futures are holding VWAP from the March low (see below).