OP: Overdue : vimarsana.com

Euro (EUR/USD):
A close below confirms a more significant down-move.
The Dollar Index finally made a bounce and is now close towards its firs short term upside target.
The Euro not surprising is very close to its short-term downside target.
However, to get a confirmed reversal i.e., a stronger Dollar we need to see a good close above 90.85.
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Our View
No matter the cause of yesterday’s decline the ES was overdue for a pull back. I am like everyone else, I think the markets have rallied enough to justify a pull-back / sell-off but I do not think it will be anything like a crash. A 2% or 3% would be a lot or for that matter even 3 lower closes would be a lot. In most cases uncertainty, which there is an abundance of, doesn’t seem to matter. Investors don’t care about Trump or record Covid19 levels. It’s all about zero interest rates and massive amounts of money flowing into stocks.