the daily chartist

The Euro with weak attempt to reverse

published 1 year ago

 As the forecast's execution goes on, we saw at the end of the week slight attempts from the pair to break the selling cycle and to make a move up. The attempt was made on Friday with the mixed fundamentals for the US economy and the battle between the Bulls and Bears ended with a draw. The price went above 1.15282 for a moment, but it slipped down shortly and closed under the level. On Thursday the price reached 1.14632 and from there the push started up, so there may be an attempt for the Euro Bulls to climb up towards 1.15926 for a correction before moving down further and to resume the movement down towards 1.14632 again and further below to 1.13005. Stoch and CCI are hinting for that push-up, so longs will be reasonable and all will go as planned if the goes above 1.15282 and closes above. This is key to watch for that decision to counter the trend and to enter long to catch the correction. The wisest thing is to wait and see if this is going to occur. If this fails, the Bears will take control again over the price and the selloff will continue.