Current Market Status: Bearish
Reason: Strong Bearish PA alongside negative response to news from ECB
Price continued to drop this week owing to the largely dovish comments from the ECB on Thursday occuring just after some liquidity was taken by breaking the recent swing high.
Buyers were eventualy found at around 1.095 on Friday
Moving forward I expect it to move downwards overall again. There has been alot of Bearish Momentum recently and fundamental factors have been supporting this with the Euro being seen as weak and the $ strong. Some big US news events this week could precipiate another bearish move or halt it especially on Friday with NFP .
Reason: Strong Bearish PA alongside negative response to news from ECB
Price continued to drop this week owing to the largely dovish comments from the ECB on Thursday occuring just after some liquidity was taken by breaking the recent swing high.
Buyers were eventualy found at around 1.095 on Friday
Moving forward I expect it to move downwards overall again. There has been alot of Bearish Momentum recently and fundamental factors have been supporting this with the Euro being seen as weak and the $ strong. Some big US news events this week could precipiate another bearish move or halt it especially on Friday with NFP .