Euro, What next?
Although I remain neutral on EURUSD, Indicators show that EURO could continue to melt agains the USD.
The pair has systematically broken MA16, 50 and 100. And MA16 crossed MA50.
In addition, Stoch as well as MACD are still on the down side. RSI is about to come to an oversold level.
But despite this, market may think that :
1-ECB PResident Draghi is not bluffing about an intervention on the market if EURUSD is above 1.4+++
2-We start to feel the effect of the tappering on the market.
3-We are in a preemptive move of traders who start to sell EUR and take position at an early stage.
Anyway, if 1.3660 is broken, I think that there will be a clear reversal.... If that support does not brake, then market will try to hit toward 1.3950 and above and test if Draghi is bluffing or not...
The pair has systematically broken MA16, 50 and 100. And MA16 crossed MA50.
In addition, Stoch as well as MACD are still on the down side. RSI is about to come to an oversold level.
But despite this, market may think that :
1-ECB PResident Draghi is not bluffing about an intervention on the market if EURUSD is above 1.4+++
2-We start to feel the effect of the tappering on the market.
3-We are in a preemptive move of traders who start to sell EUR and take position at an early stage.
Anyway, if 1.3660 is broken, I think that there will be a clear reversal.... If that support does not brake, then market will try to hit toward 1.3950 and above and test if Draghi is bluffing or not...
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