For me, I rarely like to trade without looking at how a currency is fairing versus all pairs. Oftentimes I use currency basket ETFs as a proxy for the latter. The FXE is the euro versus a basket of currencies. It’s taken a beating lately and reach a pretty gnarly level of support and its RSI is oversold, although not as badly as eur/usd’s RSI. I see the potential for a relief bounce, but when the macroeconomic winds are all blowing in one direction its tiring (and borderline dangerous) to stand against them. The market is having a ball pricing in some time of ECB action and I’m not sure its finish just yet. That said, a profit-takers bounce could send the ETF to 136 and eur/usd to 1.3775-ish.
