The Euro broke down below the 1.17 level during Asian trading on Wednesday, bounced a bit during the early part of the EU session, only to roll over again as New York started to come online. At this point, it is obvious that this pair is trying to form a bit of a “rounding top”, and now that we are below the 1.17 level, you can make a serious argument that the overall momentum of the market has shifted completely. If that is going to be the case, it is likely that we can start to look at the possibility of the measured move down to the 1.15 handle.
It is also worth noting that we are now cleanly below the 50 day EMA, and the 200 day EMA is reaching towards the 1.15 handle, so this all ties in quite nicely. With that in mind, it does look like the US dollar has been trying to strengthen against most currencies for a while now, and now the question will be whether or not this is something more permanent, or if it is simply a correction? For what it is worth, the US Dollar Index has recently started to form a “rounding bottom” right off of a major trend line. This does bode well for the greenback, but obviously there are a whole host of things that need to be taken into account. At this point, the European Union does look like it is softening a bit, and now that we are below the 1.17 level, we could see momentum traders come in and push this lower. #EUR/USD##FX#
Reprinted from FXEmpire，the copyright all reserved by the original author.
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