• Euro Dollar exchange rate advance as a result of diminishing bets of Fed aggressiveness and hopes of China re opening
• Rally is more Dollar weakness rather than Euro strength
• Markets await inflation figures in the US tomorrow
• Technical rally points to a corrective move rather than trend reversal
• Ascending channel forming, meaning pair is trading inside a bearish continuation flag formation
• A flag formation is a continuation pattern, which indicates a pause of the previous move, which was down
• A typical flag formation retraces anywhere between 38,2% and 50% of the previous move
• Bulls and bears are now fighting around parity which is also the 23,6% retracement level
• Next resistance is the upper level of the flag formation followed by 1.03 level (2017 low and 38,2% level)
• Rally is more Dollar weakness rather than Euro strength
• Markets await inflation figures in the US tomorrow
• Technical rally points to a corrective move rather than trend reversal
• Ascending channel forming, meaning pair is trading inside a bearish continuation flag formation
• A flag formation is a continuation pattern, which indicates a pause of the previous move, which was down
• A typical flag formation retraces anywhere between 38,2% and 50% of the previous move
• Bulls and bears are now fighting around parity which is also the 23,6% retracement level
• Next resistance is the upper level of the flag formation followed by 1.03 level (2017 low and 38,2% level)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.