In this post I will mention how strong shall be the downtrend in price action according to the new fundamentals
FUNDAMENTAL KEY QUOTES
1- Germany warned it needed to keep up the pace to stave off the delta variant.
2- Italy wants more stimulus to get European growth back to pre pandemic levels, imposes quarantine on U.K. tourists in blow to economy.
3- Germany aims to borrow about 100 billion euros in additional funds next year roughly a quarter more than its previous target.
4- U.S. hospitals have reported a rise in lung transplants for sever coronavirus cases according to one of the country's top medical centers.
5- EU wants to bring back EU budget rules that were suspended when coronavirus hit, bad news for highly indebted countries like Italy.
6- (HAWKISH FED, TAPERING TALK, U.S. CALENDAR UPBEAT DATA), (DOVISH ECB, EXTENDED PEPP, BOND BUYING PROGRAM UNCHANGED).
How strong shall be the downtrend? What price action to expect ahead?
- AS AN UPDATE TO MY PREVIOUS POST, IT IS CLEAR THAT FUNDAMENTALS GATHER TO GIVE MORE STRENGTH TO THE DOWNTREND AND PUSH FOR EUR FURTHER WEAKNESS, I WOULD SAY THAT ACCORDING TO RECENT FUNDAMENTALS THE EUR IS AT RISK FOR MORE WEAKNESS, NEW PRICE RANGE (1.1850-1.1700), I WOULD SAY THERE IS A LOW EXPECTED CHANCE BUT POSSIBLE TO VISIT 1.1650, IT JUST NEEDS CALENDAR DATA CONFIRMATION ,AND ACCORDINGLY THE RECENT PRICE IS CONSIDERED TO BE GOOD SELLING OPPORTUNITY , PRICE IS NOT EXPECTED TO BREAK ABOVE 1.1900 THIS WEEK, ON THE CONTRARY PRICE IS EXPECTED TO BREAK BELOW 1.1850 WITHIN TODAY AND HEAD MORE SOUTH.
- THIS PICTURE REMAINS ONLY TILL UPCOMING NEWS AND DATA THAT MAY CHANGE THE PRICE RANGE, SO I WILL UPDATE ACCORDINGLY -