The drop in EURUSD was definitely frightening for euro bulls and it seemed that the bears have taken control and we are done with the upside. However, things are not always as they first appear, especially with this pair. First of all, euro travelled from 1.20 all the way to 1.3993 and did not break 1.40. C'mon - it's like driving 3000miles from NYC to Los Angeles only to turn around 100miles before reacing your destination. Very unlikely!
From tehcnical perpective, the drop from 1.3993 is too steep not to be retraced @ least 50%. Look @ the Daily chart and see for yourself. All the agressive drops have been retraced since we started this ride from 1.20.
All in all - I remain bullish until proven wrong and I will not rest until 1.40 is reached. And it will be reached.
From tehcnical perpective, the drop from 1.3993 is too steep not to be retraced @ least 50%. Look @ the Daily chart and see for yourself. All the agressive drops have been retraced since we started this ride from 1.20.
All in all - I remain bullish until proven wrong and I will not rest until 1.40 is reached. And it will be reached.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.