Good evening,
Today's Euro zone PMIs surprised the markets to the downside with the German numbers well below their estimates pointing to a continuing, deeper slowdown in the whole continent and possibly a recession in Germany. The pair broke below the 1.10 level and tested the 1.0965 support without breaking it, this is bad for the bears. The currency recovered some of its losses and is trying to regain the 1.10 figure. The fact that bears couldn't break below the mentioned support, this shows somehow a balance between bulls and bears at the current time. Market remains sideways in the near term, and I expect a breakout soon. The overall picture remains bearish while below the trend line. Next market catalysts will be US GDP and PCE figures for the rest of the week.
Note: Sellers gotta be careful because a lot of bad data has been already priced in..
Good luck.
Today's Euro zone PMIs surprised the markets to the downside with the German numbers well below their estimates pointing to a continuing, deeper slowdown in the whole continent and possibly a recession in Germany. The pair broke below the 1.10 level and tested the 1.0965 support without breaking it, this is bad for the bears. The currency recovered some of its losses and is trying to regain the 1.10 figure. The fact that bears couldn't break below the mentioned support, this shows somehow a balance between bulls and bears at the current time. Market remains sideways in the near term, and I expect a breakout soon. The overall picture remains bearish while below the trend line. Next market catalysts will be US GDP and PCE figures for the rest of the week.
Note: Sellers gotta be careful because a lot of bad data has been already priced in..
Good luck.
Ramzi Abou Abdallah, CFTe, CMT
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♦️ t.me/accu_trading