Technicals:
Failed to close below 23.6 Fib,
Last week euro rallied and made some ground, however, closed almost 50% lower than its weekly high.
Friday's reaction to the fib level and the 200 SMMA creates a strong level of support.
The weekly chart failed to create a monring star, however, it did create a bullish hammer.
Market structure suggests pressure is building towards the upside to key pshyci levels targeting around the 1.2000 level.
Fundamentals:
Fed is expected to increase interest rates soon, which would be this year's second hike.
European Central Bank has signalled its willingness to remove quantitative easing.
The German trade exports low. Markets faltering.
Failed to close below 23.6 Fib,
Last week euro rallied and made some ground, however, closed almost 50% lower than its weekly high.
Friday's reaction to the fib level and the 200 SMMA creates a strong level of support.
The weekly chart failed to create a monring star, however, it did create a bullish hammer.
Market structure suggests pressure is building towards the upside to key pshyci levels targeting around the 1.2000 level.
Fundamentals:
Fed is expected to increase interest rates soon, which would be this year's second hike.
European Central Bank has signalled its willingness to remove quantitative easing.
The German trade exports low. Markets faltering.
