EUR/USD has
been moving within a relatively wide sideways consolidation from 1.1670 to
1.1880 about twenty days now and the consolidation continued today despite the
fundamentals that pushed the pair to the downside. Currently the pair has
almost reached the aforementioned support at 1.1670, which coincides with the
(MA)89 indicator on the daily time-frame. If EUR/USD bounces off from that
support the consolidation will, obviously, continue and there will likely be
another move to the upside towards 1.1880. If there is a breakout below the
support however, that would both end the consolidation and signal that there
will probably be a further move to the downside towards the next support level
at 1.1600.
I think it will continue depreciating.
ReplyDeleteDroped like a rock after Draghi comments.
ReplyDeleteIntersting article!
ReplyDeleteThere is still space for further decline
ReplyDeleteSupport level can be found at 1.57 level.
ReplyDelete