jeudi 15 janvier 2015
Euro Continues Collapse as QE Nears
Posted on 13:37 by nice news
Today, The euro took another beating after the SNB decided it will no longer defend the EUR/CHF floor at 1.20. This removed some support for the euro, and it continued to fall as the ECB is closing in on implement QE.
The EUR/USD has been bearish but we can say it was consolidating in a narrow range since last week. This week, it was trying to continue the downtrend until negative US retail sales gave EUR/USD another pullback. However, the bearish trend remained intact and the SNB-reaction pushed EUR/USD below 1.17. The 4H chart remains bearish and EUR/USD looks poised to test and possible break below 1.16
Now if price holds above 1.16 and returns above 1.19, then we are have to consider a shift in trend from bearish to sideways in the context of a medium-term consolidation/correction.
Looking at the monthly chart, we can see that it is clearing the 2005 low around 1.1640.
The EUR/USD has been bearish but we can say it was consolidating in a narrow range since last week. This week, it was trying to continue the downtrend until negative US retail sales gave EUR/USD another pullback. However, the bearish trend remained intact and the SNB-reaction pushed EUR/USD below 1.17. The 4H chart remains bearish and EUR/USD looks poised to test and possible break below 1.16
Now if price holds above 1.16 and returns above 1.19, then we are have to consider a shift in trend from bearish to sideways in the context of a medium-term consolidation/correction.
Looking at the monthly chart, we can see that it is clearing the 2005 low around 1.1640.
Euro Continues Collapse as QE Nears
Categories: Euro Continues Collapse as QE Nears
Inscription à :
Publier les commentaires (Atom)
0 commentaires:
Enregistrer un commentaire