As predicted in my last week's idea, EUR/USD went up almost 300 pips from the 0.99 support level.
However, the rally fizzled out rather quickly. At the moment, the price action looks weak and it
seems like the institutional buyers are not stepping in yet.
So, it seems like the price will drop to 0.99 again. I will be staying away from buying it at the moment.
If the price drops to 0.99 or lower, I might consider a small counter-trend buy trade. However, it has
to be noted that EUR/USD is plagued by a number of fundamental issues that is weighing down on the Euro.
However, the rally fizzled out rather quickly. At the moment, the price action looks weak and it
seems like the institutional buyers are not stepping in yet.
So, it seems like the price will drop to 0.99 again. I will be staying away from buying it at the moment.
If the price drops to 0.99 or lower, I might consider a small counter-trend buy trade. However, it has
to be noted that EUR/USD is plagued by a number of fundamental issues that is weighing down on the Euro.