Euro's Third Down Leg
The current leg down in EURUSD has exceeded each of its previous 2 down cycles in magnitude (22 Sep-Oct 2nd & Oct 26-Nov 2nd) and is at risk of extending losses towards an preliminary target of $1.4615, followed by $1.4280. With the USD index has finally closing above its 55-day moving average for the first time since April and crude oil vulnerable to extending losses towards $66 after having broken below its Jul trend line support, EURUSD is apt to test its next preliminary target at $1.4615 (Sep 11 high, Sep 21 low, Nov 1 low, Nov 2 low). The fundamental arguments for these euro risks emerge from increased global risk aversion (Dubai, Ireland, Spain & Greece), as well as nascent signs of stability in US jobs. Although we see no change in US interest rates before H1 2010, markets pricing of USD-favourable yield spreads is helping to lift the greenback. EURUSD upside capped at initial resistance of $1.4770, but the previous support of $1.4820-25 will be the barrier for the bulls.
May 6, 2021 13:55 | by Ashraf Laidihttps://www.binance.com/en?ref=13288560...
Feb 27, 2021 1:00 | by Ashraf LaidiThe prolonged ascent in USDJPY remains fortified by the technical breakdown in net JPY futures longs (inversely related with USDJPY pair) shown in this striking analog from Q4 2016.
Feb 18, 2021 20:52 | by Ashraf LaidiWill the pattern from mid-late Feb 2020 repeat itself today. PROCEED WITH CARE. ..