EUR/USD rally stalls
Hello everyone,
This week has been a roller coaster for the markets, we've seen big moves and reversals across different instruments.
The main driver was the risk-on sentiment that appeared again accompanied by fears of a second wave of Covid-19.
This also had a major impact on the EUR/USD which reversed towards the end of the week after reaching a level close to 1.14 post FOMC.
Technically speaking, the pair is bearish in the near term. I support my view by the weekly and daily bearish candles.
Next support for this pair is 1.1150, but also pay attention to the Fibonacci levels that i included in the chart.
Also, the 100 Weekly moving average,around 1.122 offered some support today.
Below these levels we should see a re-visit of levels below 1.10
Good luck
This week has been a roller coaster for the markets, we've seen big moves and reversals across different instruments.
The main driver was the risk-on sentiment that appeared again accompanied by fears of a second wave of Covid-19.
This also had a major impact on the EUR/USD which reversed towards the end of the week after reaching a level close to 1.14 post FOMC.
Technically speaking, the pair is bearish in the near term. I support my view by the weekly and daily bearish candles.
Next support for this pair is 1.1150, but also pay attention to the Fibonacci levels that i included in the chart.
Also, the 100 Weekly moving average,around 1.122 offered some support today.
Below these levels we should see a re-visit of levels below 1.10
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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