EUR/USD 1.08 next ?
Hello everyone,
In my latest posts I already confirmed that the pair is clearly in a downtrend and it isn't going to end soon, means it was clear that the market haven't bottomed yet. The price action today almost affirmed my previous predictions and the pair printed new lows near the 1.0900 figure. I noticed that during the European session, before reaching that level the pair touched 1.0925 (previous critical support) and recovered to the mid's 1.0900 (1.09500) and until breaking this support it looked like a triple bottom formation.
The fact that the bulls weren't strong enough to produce the bounce they did post ECB till levels around 1.11 shows the strong presence of bears in the market.
Today's move was fueled by strong US GDP readings and dovish comments from ECB's member.
Bulls have their last chance tomorrow to defend the pair otherwise it will be a bad monthly/quarterly close for the pair and we should expect lower levels in the weeks ahead.
Next support is 1.086 followed by 1.086-1.082 and 1.0725 (Macron Gap).
Good luck
In my latest posts I already confirmed that the pair is clearly in a downtrend and it isn't going to end soon, means it was clear that the market haven't bottomed yet. The price action today almost affirmed my previous predictions and the pair printed new lows near the 1.0900 figure. I noticed that during the European session, before reaching that level the pair touched 1.0925 (previous critical support) and recovered to the mid's 1.0900 (1.09500) and until breaking this support it looked like a triple bottom formation.
The fact that the bulls weren't strong enough to produce the bounce they did post ECB till levels around 1.11 shows the strong presence of bears in the market.
Today's move was fueled by strong US GDP readings and dovish comments from ECB's member.
Bulls have their last chance tomorrow to defend the pair otherwise it will be a bad monthly/quarterly close for the pair and we should expect lower levels in the weeks ahead.
Next support is 1.086 followed by 1.086-1.082 and 1.0725 (Macron Gap).
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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