Eurozone Unravelling
Updated
So in case anyone was not aware, back in Nov 2016 EURUSD had a massive breakdown of a nearly two year long funnel. To make the situation worse, the bottom of that funnel extends back to 1895..
In the last month or so, we have seen a small recovery in price as the Euro has come back to test the bottom of that trend line through a slow grind higher. On 01/27/2017 we had a touch of the bottom of that trend line followed by a swift sell-off at the exact same time DXY has broken out to the upside side of it's funnel. These coincidences are both telling and can't be ignored. I expect EURUSD to begin a large slide imminently as the situation in the Eurozone deteriorates.
In the last month or so, we have seen a small recovery in price as the Euro has come back to test the bottom of that trend line through a slow grind higher. On 01/27/2017 we had a touch of the bottom of that trend line followed by a swift sell-off at the exact same time DXY has broken out to the upside side of it's funnel. These coincidences are both telling and can't be ignored. I expect EURUSD to begin a large slide imminently as the situation in the Eurozone deteriorates.
Note
Here is a closer look at the channel break that extends back to 1985 Note
EDIT: 1985, not 1895Note
This should start to accelerate and get reallly ugly. Do not be an owner of the Euro...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.