It looks
like my prediction from yesterday that the EUR/USD range might continue until
the USD non-farm payrolls was wrong, because the pair broke below the support
at 1.2350. Under these circumstances, and unless something surprising happens
after the USD non-farm payrolls and the ECB rate decision, the bearish trend
will continue and the pair will head for target 1.2200, perhaps even to 1.2000.
I have even heard some talk of reaching parity - 1.000 – and I am starting to wonder
whether that is actually possible, although it’s likely too early to tell.
Bearish downtrend continues as expected and 1.2350 was broken, reinforcing bearish momentum for the trend. Bears remain in control of the pair below the 10-day moving average, currently at 1.2425. The fundamental explanation for the bearishness on the Euro sums up nicely on the following title: “Eurozone suffers from low potential growth and weak competitiveness, while political support for reform remains limited.”
ReplyDeleteI will keep eye on this pair.
ReplyDeleteVery nice article. Thank you.
ReplyDeleteI'll keep an eye on this.
ReplyDeleteLet's see what the euro would offer us end of the year.
ReplyDeleteWell done, keep it going.
ReplyDelete