EURUSD: Weekly Forecast 16th - 20th Dec 2019
EURUSD peaked the bottom of its 18-month falling channel with signs of a breakout for the first time.
While it was a good for the dollar that the Fed decided to hold off further rate cut, it wasn't good actually because the market has changed from a 'no cut' to a 'no hike'.
Therefore, the dollar plunged further and the DXY has broken below its rising channel.
This fake break of the top of the 18-month falling channel might turn real if the dollar continues to fall on a weak sentiment that the Fed will not raise rate in the foreseeable future.
While it was a good for the dollar that the Fed decided to hold off further rate cut, it wasn't good actually because the market has changed from a 'no cut' to a 'no hike'.
Therefore, the dollar plunged further and the DXY has broken below its rising channel.
This fake break of the top of the 18-month falling channel might turn real if the dollar continues to fall on a weak sentiment that the Fed will not raise rate in the foreseeable future.
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