EUR/USD under pressure again ?
Recent Us data has been solid in many areas: consumer spending, inflation, consumer sentiment.. While the European data is still getting worse and worse especially the German ZEW sentiment which came today below expectations. On the other part of the sea we saw a rebound in the retail sales which came above expectations.
As a result, the pair came under additional pressure and closed the day near 1.12.
Recent rebound from the lows lacked follow through and it is clear by looking at the last 2 or 3 daily bars.
Also, a head and shoulders top pattern can be easily seen on the chart adding to the bearish picture.
Buyers are still defending the neckline which was also acting as a horizontal support in the past around 1.118.
Bears need a breakout below this number to resume the bear trend.
Next highlight is the ECB meeting next week and traders need to carefully monitor any change in their forward guidance.
Good luck
As a result, the pair came under additional pressure and closed the day near 1.12.
Recent rebound from the lows lacked follow through and it is clear by looking at the last 2 or 3 daily bars.
Also, a head and shoulders top pattern can be easily seen on the chart adding to the bearish picture.
Buyers are still defending the neckline which was also acting as a horizontal support in the past around 1.118.
Bears need a breakout below this number to resume the bear trend.
Next highlight is the ECB meeting next week and traders need to carefully monitor any change in their forward guidance.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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