EUR/USD on the verge of crashing ?
Hello Traders,
To sum up recent activities, EUR/USD rallied to 1.144 7 days in a row last week after having bottomed at 1.117 (61.8 fibo level of 2017-2018 uptrend) and stopped the rally around the 50% fibo of the same uptrend. Dovish fed underpinned the euro further more during the rally. However, the next day after the fed it erased most of the gains and continued dropping after very bad PMIs in the euro area pointing to further slowdown in the eurozone.
Technically, the pair is back under the trend line shown in the chart and trading below all of its moving averages on hourly,daily and weekly chart.
I am extremely bearish on this pair until fundamentals change in the euro area. In the near term bears should break 1.128 level to drag the euro down to 1.12336 (78.6% fibo of 1.117-1.144 up move) and finally test 1.117 (2019 low).
On the longer term, I see EUR/USD at 1.1120 and maybe below as long as it's trading between the downward channel.
Good luck.
To sum up recent activities, EUR/USD rallied to 1.144 7 days in a row last week after having bottomed at 1.117 (61.8 fibo level of 2017-2018 uptrend) and stopped the rally around the 50% fibo of the same uptrend. Dovish fed underpinned the euro further more during the rally. However, the next day after the fed it erased most of the gains and continued dropping after very bad PMIs in the euro area pointing to further slowdown in the eurozone.
Technically, the pair is back under the trend line shown in the chart and trading below all of its moving averages on hourly,daily and weekly chart.
I am extremely bearish on this pair until fundamentals change in the euro area. In the near term bears should break 1.128 level to drag the euro down to 1.12336 (78.6% fibo of 1.117-1.144 up move) and finally test 1.117 (2019 low).
On the longer term, I see EUR/USD at 1.1120 and maybe below as long as it's trading between the downward channel.
Good luck.
Ramzi Abou Abdallah, CFTe, CMT
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