With the immense pressure from obtaining an oil supply alternative, since Russia choked them off owing to the Ukrainian conflict, it seems ECB is draining more reserves than earlier.
Unless they induce some cash in their reserves, we might actually see euro cheaper than USD, because it might be heading that way i.e. EURUSD lower than 1.0000.
Possibilities include sudden uncalculated bullish spikes since, ECB might try to enter to save Euro from the damage they find difficult to repair later. (Day traders, be careful, calculate S.L. accordingly!)
However, as far as fundamental and technical analysis is concerned:
1- Rough double tops forming on weekly
2- The price is below the latest lower trendline I could make on the price chart
3- EURUSD entered the first support region (marked as green), breaking here the target region is possibly blue rectangle
Make trading fun for yourself and your followers, Happy Trading :)
Unless they induce some cash in their reserves, we might actually see euro cheaper than USD, because it might be heading that way i.e. EURUSD lower than 1.0000.
Possibilities include sudden uncalculated bullish spikes since, ECB might try to enter to save Euro from the damage they find difficult to repair later. (Day traders, be careful, calculate S.L. accordingly!)
However, as far as fundamental and technical analysis is concerned:
1- Rough double tops forming on weekly
2- The price is below the latest lower trendline I could make on the price chart
3- EURUSD entered the first support region (marked as green), breaking here the target region is possibly blue rectangle
Make trading fun for yourself and your followers, Happy Trading :)
