On Thursday, EURUSD reversed the FOMC rally, which I said is very bearish and we could expect further downside on Friday. Indeed, EURUSD sold off further on Friday for a good 60 pips, closing near the lows.
Weekly price action is bearish thus expect further downside for this week. However, EURUSD is bouncing off the strong 1.0799 monthly level.
Price has pulled back to the PZ and is reacting off it. Overall, looking for a move lower, though it could come from here, 1.0851 IMO. Price target would be 1.0761 is likely magnet. but if break, 1.0711 is next.
Weekly price action is bearish thus expect further downside for this week. However, EURUSD is bouncing off the strong 1.0799 monthly level.
Price has pulled back to the PZ and is reacting off it. Overall, looking for a move lower, though it could come from here, 1.0851 IMO. Price target would be 1.0761 is likely magnet. but if break, 1.0711 is next.
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