EURUSD Pullback is on the deck

EURUSD is starting to get into Overbought area on the 3-hour & 4-hour charts . EURUSD shot up to 1.1802 before the PMI news hit the wire.

France & Germany(EU's Powerhouse) PMI numbers were weak and failed to beat the expectations . Awaiting the EURO Zone PMI also .

Expect a drop to 1.1740/50 Area and test it , before we continue with the Bullish trend

Booked a nice profit on the Pullback so far . Let's wait and see it reverses back up or drops further

Below are the key quotes from the introductory statement delivered by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 24 September 2018.

Latest ECB staff macroeconomic projections confirm the outlook for continued broad-based growth of the euro area economy.
Confident that the pick-up in wage growth will continue, as wage agreements often last two years or more.
ECB projections foresee inflation excluding food and energy reaching 1.8% in 2020.
For our baseline expectations of a rising inflation path to materialise, we need to remain patient, prudent and persistent in calibrating the monetary policy stance.
Key ECB interest rates are expected to remain at present levels at least through the summer next year.
Our monetary policy measures have made a very substantial contribution to the positive economic developments in the euro area.

Another Pullback might be in the works . Lookout

Looking at Draghi's Speech there is nothing Bullish for EURUSD in it at all but the EURUSD Bulls are taking advantage to book some quick profit.

Look at what Draghi is talking about and compare that with the actual Data from EU. Something does not add up . If Draghi is correct the EURUSD should be at 1.2400s or heading towards 1.2400s pretty soon but if Draghi is just talking up the EURO, then we are heading backing into 1.1600s and that's where most credible analysts see the EURUSD in the next 2 to 3 weeks

Something smells fishy !!!!!

Is Draghi afraid of the US administration ? That EU might be called Currency manipulator if they let the EURUSD drop to its fair value and therefore try to talk up the EURO to avoid US administration being hard on them.

Go figure !!!!!!!!!!!

One EURUSD Bulls analyst put it this way

" In his latest press conference, Draghi was not as dovish as he usually is. However, the ECB left its economic projections unchanged back then. His comment about core inflation rising to 1.8% is especially hawkish as the most recent read is only 1%. "

Now 1.8% core inflation is a projection not an actual number. Didn't Draghi last year project a 2% core inflation and what happened since then ?

Hey take it with a grain of salt. Analysts are just speculators who are trying to influence the markets in their own favor