EURUSD HEAD & SHOULDERS
In case you missed it, the European Central Bank (ECB) recently underscored its dovish stance by sharing that downside risks have proven “somewhat longer lasting” than previously expected.
Draghi and his gang also said that it’s ready to “adjust all its instruments” in case of weaker growth and inflation prospects. Last but not the least, it doesn’t look like we’ll see any change in its low interest rates “at least through the end of 2019.” Yipes!
Luckily for the euro bulls, the combo of M&A flows and better-than-expected data from China have inspired traders to look past the ECB’s dovishness.
But if next week’s data releases remind traders of why the ECB is so dovish, then I’ll look for entries for EUR/USD’s possible trip back to its downtrend.
Draghi and his gang also said that it’s ready to “adjust all its instruments” in case of weaker growth and inflation prospects. Last but not the least, it doesn’t look like we’ll see any change in its low interest rates “at least through the end of 2019.” Yipes!
Luckily for the euro bulls, the combo of M&A flows and better-than-expected data from China have inspired traders to look past the ECB’s dovishness.
But if next week’s data releases remind traders of why the ECB is so dovish, then I’ll look for entries for EUR/USD’s possible trip back to its downtrend.
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