The market reacted positively to the news of EU reaching a consensual agreement on the refugee-migrant crisis that impacted deeply the EU nations' social-political sphere. The victory would seemingly be in the process of processing applications for asylum seekers in EU with centres being opened in the troubled countries. The impact was so big that it valued the euro against the dollar by 1% on the following day. This outcome pushed one more daily candle over the upper limit of an apparent downtrend channel. The effect therefore stirs doubt in the extension of the trend to new lows below 1.15.
If premises have been created for a consolidation on the daily chart, what cannot be disputed is that there are as many chances for the pair to make new lows as it is to moving to the previous highs. If none is to happen then most likely we will hover in the 1.15-1.17 area for a number of weeks. The winners will be again the day traders who could carefree either buy or sell knowing that in any of the upcoming days their orders would be filled. But if that was to happen then it is something we will monitor closely in July.
In the very near term, a corrective wave is likely to happen due to the context of an extinguishing bullish momentum which is fundamentally self-explained. In these settings what can be induced is that any other key news or events would likely trigger alike effects putting a fog on any forecast based on technical analysis. The trading activities would therefore be as diverse as they can be in the forex market and opinions spread widely among players. A new month has started.
If premises have been created for a consolidation on the daily chart, what cannot be disputed is that there are as many chances for the pair to make new lows as it is to moving to the previous highs. If none is to happen then most likely we will hover in the 1.15-1.17 area for a number of weeks. The winners will be again the day traders who could carefree either buy or sell knowing that in any of the upcoming days their orders would be filled. But if that was to happen then it is something we will monitor closely in July.
In the very near term, a corrective wave is likely to happen due to the context of an extinguishing bullish momentum which is fundamentally self-explained. In these settings what can be induced is that any other key news or events would likely trigger alike effects putting a fog on any forecast based on technical analysis. The trading activities would therefore be as diverse as they can be in the forex market and opinions spread widely among players. A new month has started.
