DAX: Weekly Overview! Chance to get back to 12.000 increases!
Hey tradomaniacs,
WELCOME to the outlook of EUR/USD.
The currencypair EUR/USD seems to continue it`s downtrend and could move down to parity.
Fundamental reasons could be the siuation in Italy not willing to desist from its high budget-plan (indebtedness) which got rejected by the E.U. which is forced to come up with consequences such as a excessive deficit procedure.
The second reason is still the Brexit and it`S possible harsh outcome.
Technical aspects:
Within the last 5 weeks we were fighting at the important mark of 1.14 and mostly closed below this level.
THIS price is a very important support-level as you can see in the history when the market went up and down in a sideways trend.
The market tested the Fibonacci-Retracement of 61,8% (PHI) @ 1,12144 and bounced back to test the area of the previous low in MAY 2018 @ 1,15.
The respected 200 Moving Average is right below the price and helped the market to find a support level.
Overall, the market looks really bearish and should continue it`s journey down close to parity. If we break through the 61,8% retracement, the next logical support should be at 1.10.
A break above 1,15 could turn the market upwards in order to continue the consolidation between 1,18074 and 1,14. The previous green candle shows a bullsih reversal which is actually a sigh of strenght.
As always, everything can happen. Have a nice start into the week!
Peace and good trades Irasor Wanna see more? Don`t forgetto follow me. Any questions? PM me. :-)