EUR/USD where to ?
Hello traders,
As expected, the pair broke the previous support at 1.09 today and resumed the bear trend printing a new YTD level around 1.0880.
German retail sales and inflation data disappointed, which fueled the move.
In my opinion, those economic figures did nothing more than speeding up the move which was going to happen anyway according to technicals.
Today's candle is a strong bearish engulfing, expecting the move to resume in the days ahead.
Bears should watch out as we are approaching a critical support in the 1.08 neighborhood which is the 50% fibo level and weekly gap back in 2017.
Resistance levels are: 1.0927-1.0960
Bearish view won't get weaker unless the resistance line is broken (shown on the chart) which is today near 1.1050.
Don't forget it's a busy week starting with manufacturing, services PMIs and CPI for the Euro-zone, and most importantly the famous NFP on Friday.
Good luck and always use SL.
As expected, the pair broke the previous support at 1.09 today and resumed the bear trend printing a new YTD level around 1.0880.
German retail sales and inflation data disappointed, which fueled the move.
In my opinion, those economic figures did nothing more than speeding up the move which was going to happen anyway according to technicals.
Today's candle is a strong bearish engulfing, expecting the move to resume in the days ahead.
Bears should watch out as we are approaching a critical support in the 1.08 neighborhood which is the 50% fibo level and weekly gap back in 2017.
Resistance levels are: 1.0927-1.0960
Bearish view won't get weaker unless the resistance line is broken (shown on the chart) which is today near 1.1050.
Don't forget it's a busy week starting with manufacturing, services PMIs and CPI for the Euro-zone, and most importantly the famous NFP on Friday.
Good luck and always use SL.
Ramzi Abou Abdallah, CFTe, CMT
Feragatname
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