After dropping sharply following disappointing PMIs datas in the european union, the pair rallied creating a bearish flag, a continuation pattern usually. Today, markets broke down this pattern support and touched 1.119, near YTD lows. Note that markets kept buying those levels for the recent past, that’s why bears need a sustained break below 1.1175 to confirm a resuming bear trend.
The highlight of the week is the US GDP which might be the catalyst for such move.
I am still bearish on this pair, but selling here is risky .
Resistance: 1.126-1.13
Support: 1.1175-1.12
The highlight of the week is the US GDP which might be the catalyst for such move.
I am still bearish on this pair, but selling here is risky .
Resistance: 1.126-1.13
Support: 1.1175-1.12
Ramzi Abou Abdallah, CFTe, CMT
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