Sforex
Short

EURUSD: After ECB Meeting, what next ? Markit PMI.

FX:EURUSD   Euro Fx/U.S. Dollar
379 0 4
The biggest story today was the collapse of EURUSD             , it fell more than 200 pips due to dovishness of ECB. They left the door for more easing and discuss about many ways to liftoff Eurozone escaping from low inflation and demand while stimulate export to outside.

With the strong selloff today, EURUSD             sideway mostly finished, the trend is determineddetermined : Downtrend.

Yesterday, I thought they would be more dovish, but the cautiousness made me to hesitate to engage a trade, this was my mistake.

However, I think there still has a room for SHORT. Let talk about Technical Analysis

1.1100 is a very strong support. EURUSD             hold above this level for two months.

A break below this level will open the door to next support.

Next strong support is at 1.100 while a real challenge is at 1.0800

I talked about the big triangle pattern in recent topic of EURUSD             , today I see the pattern was broken.

SMA100 +SMA200 also are destroyed, EURUSD             moved under those levels.

Kumo clould also cann't hold EURUSD             above it.

More argument, RSI indicator, the trend line of RSI also is broken.

Many signals confirm for continued downtrend.

Tomorrow, the main focus is Markit PMI; with recent weakness of data, most likely data would be negative and drag EURUSD             lower.

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