EUR/USD
formed a hanging man candlestick pattern in the daily filter chart, which is
usually a signal for reversal. Also, there is a pretty strong resistance around
1.2840 – 1.2850, which is exactly where this hanging man candlestick is. So the
question is whether this is the end of the correction and EUR/USD will start
descending again, or will it break above the resistance level at 1.2840 to head
for target 1.2900. For me this hanged man candlestick is a pretty strong
warning not to start buying again and in a combination with the resistance at
1.2840 a reliable enough signal to start selling.
EURUSD continues to consolidate above its 10-day moving average in a very mixed fundamental environment. We have markets trying to simultaneously process an apparent global slowdown (and its rate implications), good employment statistics (in the US), and risk aversion due to a variety of economic and political concerns.
ReplyDeleteGood question. Seems lacking in strength to continue to climb.
ReplyDeleteIt could be the end, but it all depends on how the European fundamentals keep coming out.
ReplyDeleteVery informative! Thanks.
ReplyDeleteI guess we will have to wait and see on monday
ReplyDeleteAlways enjoy… Thanks!
ReplyDelete