Good Day,

Welcome to our new subscriber overnight.

<span style="text-decoration: underline;"><strong>OVERVIEW:</strong></span>

The USD is finally breaking out. All the down trend line resistances on the USD Index are now behind us. 80.33 was the final level to overcome and at the time of writing we were sitting at 80.38. This is a very important occurrence.

The EUR/USD has traded below it's 200 SMA , which comes in at 1.3633. If we close tonight; a weekly close below this number it is a very, very bearish event for the EUR/USD. Not that there is not enough bearish FUNDAMENTAL news around for this pair but this is another nail in the coffin.

Remember there are European Parliament elections taking place as well and do not be surprised to see the smaller extreme political parties all over Europe win seats in protest voting. This could see the EUR in general GAP DOWN at the open on Sunday.

We also have to bear in mind that next Monday is Memorial Day holiday in the USA.  Even today, I suspect traders will be off on a long weekend break so expect a bit of snoozing to end the week.

The markets look very, very quiet...TGIF.

&nbsp;

<span style="text-decoration: underline;"><strong>TRADING OPPORTUNITIES:</strong></span>

Today, I will not be adding any trades to the existing 10 active trades at the moment. It is not my intention to close any, or, reduce position sizes.

I have a few trade ideas for next week  USD/JPY, USD/SEK and GBP/USD have caught my eye, but I do not think it wise to enter these today. I will provide the set ups that are on my RADAR in tomorrows blog.

&nbsp;

If you decide to dive into trades today, please take care....

Have a great weekend,

Scott