Thanks for sharing the analysis. It will go up probably, its my opinion.
Thanks for sharing.
I see an increase in EURUSD as we have seen this past week and as we saw effectively at the end of January - post initial ECB QE announcement. It maybe one week, it may be 4 weeks. But that is all it is. What most call a Technical correction. I don't call it a correction as it itself will need to be Corrected. Fundamental Economics inclusive of divergent Monetary Policies and ECB - QE which has barely commenced, indicate a trend to parity and most likely below. Its not about short term technical’s, nor politics relating to EU / EUR structure - Greece, Italian Referendum, Portugal and Spain elections, although the politics obviously doesn’t help EUR. It’s about still divergent underlying economies and monetary policies, and therefore interest rate gaps, particularly with likely eventual dissipation of equities related inflows to EU, renewed currency hedging in the meantime, and general medium term portfolio re-balancing away from EU.
As for the chart - the idea (for strong Technical Analysis) is to have as many indicators as possible in alignment - at least two or three confirming one another. You will see in the chart - Double Bottom on last two bars with a high well > current price, oversold stochastic but breaking-up, and oversold RSI breaking-up.
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