EUR/USD bears won't give up
Good evening,
Yesterday was a pretty impressive day for the pair as it broke below a major support at 1.09650 following surprisingly weak PMIs, and a renewed demand for the dollar. Reports stating that Trump's impeachment is far from happening since he didn't violate any campaign laws helped T-yields recover which also pushed the dollar up.
Yesterday's close was the lowest YTD daily close, next target and strong support exposed is near 1.09260. If bears were strong enough to break this level, 1.0850 comes into play ( 50% fibo level, weekly gap).
All eyes on tomorrow's US GDP and Friday's PCE figures.
Good luck.
Yesterday was a pretty impressive day for the pair as it broke below a major support at 1.09650 following surprisingly weak PMIs, and a renewed demand for the dollar. Reports stating that Trump's impeachment is far from happening since he didn't violate any campaign laws helped T-yields recover which also pushed the dollar up.
Yesterday's close was the lowest YTD daily close, next target and strong support exposed is near 1.09260. If bears were strong enough to break this level, 1.0850 comes into play ( 50% fibo level, weekly gap).
All eyes on tomorrow's US GDP and Friday's PCE figures.
Good luck.
Ramzi Abou Abdallah, CFTe, CMT
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