POTENTIAL TRADE: EUR/USD
EUR/USD is currently experiencing down-trend market structure. Over the past 15 days, it has dropped a severe 2.8% and continues to decline. We expect this downtrend to continue. This currency pair has experienced 12 consecutive bearish days with minimal pullbacks. The Euro continues to weaken today (-0.45%), as data on the German Economic Sentiment was released and the figure was 8.7, where the forecast was a whopping 20.0. We believe that EUR/USD will continue to decline before hitting valuation extremes. Bulls continue realizing losses and the hope for a trend reversal continues to fade away. The European economy remains very vulnerable to manufacturing slow down.
EUR/USD is currently experiencing down-trend market structure. Over the past 15 days, it has dropped a severe 2.8% and continues to decline. We expect this downtrend to continue. This currency pair has experienced 12 consecutive bearish days with minimal pullbacks. The Euro continues to weaken today (-0.45%), as data on the German Economic Sentiment was released and the figure was 8.7, where the forecast was a whopping 20.0. We believe that EUR/USD will continue to decline before hitting valuation extremes. Bulls continue realizing losses and the hope for a trend reversal continues to fade away. The European economy remains very vulnerable to manufacturing slow down.