EUR USD TECHNICAL ANALYSIS
EUR/USD drops sharply to as low as 1.1033 confirms the resumption of the downtrend.
The US Dollar surged in reaction to the Fed’s hawkish interest rate cut yesterday.Federal Reserve lowered its benchmark interest rate by 25 bps for the first time since December 2008 but the lack of commitment of future rate cuts turned out to be one of the key triggers behind a strong USD rally.
this week still has potential for Moving ahead, today we have the release of final Euro-zone PMI prints for July, Later on during the early release of the US ISM manufacturing PMI
and of course the release of Friday’s US monthly jobs report – NFP which can affect on the markets
last post on the EUR USD i said: are we going to see an extreme move like 20% down or 50% up in the euro?
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| EUR USD ANALYSIS |
Technical analysis:
Long-term analysis, current development suggests that the downtrend is in progress and extending.
Further fall should be seen to closed the gap on 1.0730 +_ that was in 04.2017 .
While if I look at the previous analysis as I mentioned then it is not inevitable that this move could even bring the Eur/ USD below 1 to see 0.8960 !
On the upside, the break of 1.1460 resistance is needed to indicate that the trend has changed.
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| EUR USD TECHNICAL ANALYSIS |
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