EURUSD plunged the most in 4 months as well for the same fundamental reason as the dollar.
However, what's slightly different as compared to the dollar technically is that the price did not pull back as much.
The price was seen supported and started to pull back from a demand zone just above 1.12 but it managed to close above the bottom of a rising channel.
Nevertheless, if the price continues to climb at the beginning of the week and manage to climb back into the channel, the break will be invalid and the price could climb further.
Also, this was the 5th Elliott wave and price could potentially reverse or retrace strongly back to 1.13 or beyond.
For buyers, look to buy near 1.12 and aim for 1.126, 1.128 and 1.135.
For sellers, only consider selling when the price breaks and closes below 1.12.
However, what's slightly different as compared to the dollar technically is that the price did not pull back as much.
The price was seen supported and started to pull back from a demand zone just above 1.12 but it managed to close above the bottom of a rising channel.
Nevertheless, if the price continues to climb at the beginning of the week and manage to climb back into the channel, the break will be invalid and the price could climb further.
Also, this was the 5th Elliott wave and price could potentially reverse or retrace strongly back to 1.13 or beyond.
For buyers, look to buy near 1.12 and aim for 1.126, 1.128 and 1.135.
For sellers, only consider selling when the price breaks and closes below 1.12.
