EUR/USD - heading for correction
Complete meltdown for the pair, banks took the price down without any sign of correction.
Now, COT data shows bearish EUR against the USD on the long term.
Their reaction due to recent fundamentals:
USD gained strength once again because of Trumps business conditions imposed to China.
- tweet on 18feb.
Chinese Economy suffering from virus related factors.
- tweet on 18feb.
What we expect now from a technical perspective is a small consolidation around 1.08 demand area following by an up move correction towards the 200 MA.
We will add longs, with the price target of 1.095.
On the longer term however, we expect EUR/USD to touch the bottom of the weekly downtrend channel, at price 1.055, if the USD continues to strengthen due to continuation of fundamental world factors.
Traders, If you find this complete analysis on point, please subscribe for more free market analysis to come. And do remember that protection of capital is our first golden rule, never risk more than 1% of your capital for one figure move. Our trading ideas should be combined with your own research and create your trading plan.
Now, COT data shows bearish EUR against the USD on the long term.
Their reaction due to recent fundamentals:
USD gained strength once again because of Trumps business conditions imposed to China.
- tweet on 18feb.
Chinese Economy suffering from virus related factors.
- tweet on 18feb.
What we expect now from a technical perspective is a small consolidation around 1.08 demand area following by an up move correction towards the 200 MA.
We will add longs, with the price target of 1.095.
On the longer term however, we expect EUR/USD to touch the bottom of the weekly downtrend channel, at price 1.055, if the USD continues to strengthen due to continuation of fundamental world factors.
Traders, If you find this complete analysis on point, please subscribe for more free market analysis to come. And do remember that protection of capital is our first golden rule, never risk more than 1% of your capital for one figure move. Our trading ideas should be combined with your own research and create your trading plan.
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