EUR/USD short term rally
After printing a new low near 1.0925, the Euro found enough buyers to recover above the 1.10 level and is now trading near the first resistance at 1.1040 which is the 23.6% Fibo retracement of the latest decline.
Also, looking at the recent candles, the recovery doesn't seem to have ended but is also facing critical resistance near 1.1060 and a potential big stimulus package from the ECB, expected to be announced during its monetary policy on the 12th of September.
It is worth noting the descending channel the pair is trading in, a potential support/resistance area to trade in.
Good luck.
Also, looking at the recent candles, the recovery doesn't seem to have ended but is also facing critical resistance near 1.1060 and a potential big stimulus package from the ECB, expected to be announced during its monetary policy on the 12th of September.
It is worth noting the descending channel the pair is trading in, a potential support/resistance area to trade in.
Good luck.
Ramzi Abou Abdallah, CFTe, CMT
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