Friday was a heavy RISK OFF day. The market was spooked by the new VIRUS STRAIN and it sold off with some noticeable volume.
The most telling part for us was that the USD was not the SAFE HEAVEN of choice. The EUR, CHF and JPY all did better. This is an interesting development and one that we need to follow closely, as markets have ways of telegraphing future actions.
The USD chart does look constructive, but we are not ruling a corrective wave lower.
Momentum traders are probably LONG EURUSD. We will look at charts and determine where the best RISK REWARD is on that trade.