The
fundamentals last week pushed the EUR/USD pair to the downside and it fell
until it almost reached the previous low at 1.0462 that formed back in March 2015,
then began consolidating sideways. Currently that sideways consolidation
continues and in the process the pair has formed an inverted hammer candlestick
on the weekly time-frame, so a bounce off this support level is quite likely.
That said, we should not forget that later this week FED will be announcing
whether they will increase the interest rate so it is very possible that the
consolidation will continue until the news and the bounce off the support at
1.0462 or the possible breakout below it will depend on those news.
It rebounded from 1.0500.
ReplyDeleteIt may rise further before another drop.
ReplyDeleteConsolidation with high volatility, very difficult to trade.
ReplyDeleteConsolidation continues, but dollar is still strong.
ReplyDelete