EURUSD is completing the correction from the bullish trend since covid lows, now retesting the monthly timeframe trendline which was broken back in 2020, trapping shorts and getting ready for another bullish run
@fernandoc17, Damn I was really hoping for a pullback to 0.705 so I can close my position especially when you see DXY more likely declining further.
fernandoc17
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@Jamal92, No pullback, sharp drop to continue to margin call buyers
Jamal92
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@fernandoc17, I totally disagree because Covid is not as shocking as it was when it was first announced and if omicron (the new variant) is sorted quickly with a new vaccine or if previous ones still works fine towards it. All risk on currencies will recover. Either way good luck in whatever you do.
fernandoc17
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@Jamal92, check aud charts, nzd is very late, nzd still has to complete previous aud wave from 0.80 to 0.71, nzd can fall further 500 pips easily, specially when everyone trapped in buy side, and news dont matter here
Jamal92
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@fernandoc17, News was a huge factor on friday and why many risk on currencies e.g CAD/AUD/NZD weakened and risk off currency e.g EUR/USD/CHF/YEN strengthened. NZD is tapering and has increased their interest rate and plans for more in 2022 so chances of it going down that hard is not possible unless fundamentals is really negative like how it was when covid hit the first time. I can see it dropping further but not in that scale. We shall see mate, good luck.