What is NEXT ???????? and do you see happening ? Give your Opinion .
--- ITALY BUDGET NONSENSE --- when you have populist politicians running the government and they make promises , then you have a problem like the one ITALY has at the moment. Excessive Debt but you still want to spend and spend
NOTE: all this is due to the ITALIAN BUDGET DRAMA --- Well we know never to trust politicians in any way and at any cost.
EURUSD become a punching bag after the ITALIAN Drama Queens with the italian budget.
The most 3-hour or 4-hour and now daily RSI & CCI indicators show Overbought on DXY and Extreme Oversold in EURUSD .
WARNING: US Dollar still has room to move upwards. At the moment , there is nothing positive out of the EU and therefore EURUSD is on the Chopping block .The flood gates are open.
There is nothing stopping EURUSD from dropping to 1.1298 Level , There is Zero immediate resistance unless we see US Dollar weakness .
We now have 6 Straight days of extreme selling of EURUSD and at this rate if anyone with a crystal ball says we will hit PARITY in 1 month from now , i would agree . EURUSD rose to 1.1580 this morning then dropped to 1.1464 by end of day i.e a turn round of 116 Pips .
This kind of selling is usually a STAMPEDE selling where
1 -- Economic Fundamentals or Technical Analysis Garbage will not help in such case
2 -- Geopolitical news will dedicate most of the movements
3 -- Immediate Economic data on the US dollar will drive most of the currencies
Now its a repeat and are we heading below 1.1300 ?
ITALY Budget Issues and Strong US Economic data continue to drive the US dollar Upwards while annihilating EURUSD