Updated

EURUSD --- At Bottom of Major Price Channel

Price Channel which started in May 17, 2018 ----- 1.1520 to 1.1820 has held its ground for the last 4 months. Now we are back the bottom of that Channel after a total carnage of EURUSD in the last 4 trading days .

What is NEXT ???????? and do you see happening ? Give your Opinion .

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Important Note: Since May 17, 2018 ---- Everytime EURUSD has touched 1.1520/70 Area and reversed it has rallied to the 1.1730/1815 area . It has been rejected Several times at 1.1800s level . So let's see if it breaks the Price Channel to the Downside towards 1.1300s or Rallies back to 1.1800s and break it for good

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5-Days of relentless and sustained DXY Strength and EURUSD weakness , is creating extreme oversold levels for EURUSD on 1-Hour , 3-Hours, 4-Hours charts . The Daily still has room to move lower to below around 1.1500s or even below it this saga continues.

Note

From 1.1815 we flew through 1.1700s quickly into 1.1600s and obliterated it into shreds and then blew away the top half of 1.1500s and now we are at the bottom half of the 1.1500s , we are probably going to blow past it and leave it in the dust

--- ITALY BUDGET NONSENSE --- when you have populist politicians running the government and they make promises , then you have a problem like the one ITALY has at the moment. Excessive Debt but you still want to spend and spend

Note

We are now attempting to break the 1.1508 Level which should give a clear way all the way down to 1.1400s and 1.1300s .

NOTE: all this is due to the ITALIAN BUDGET DRAMA --- Well we know never to trust politicians in any way and at any cost.

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DXY is now above 96.00 heading to 96.70 area , its been a very strong rally . EURUSD and other currencies have been obliterated along the way.

EURUSD become a punching bag after the ITALIAN Drama Queens with the italian budget.

The most 3-hour or 4-hour and now daily RSI & CCI indicators show Overbought on DXY and Extreme Oversold in EURUSD .

WARNING: US Dollar still has room to move upwards. At the moment , there is nothing positive out of the EU and therefore EURUSD is on the Chopping block .The flood gates are open.

There is nothing stopping EURUSD from dropping to 1.1298 Level , There is Zero immediate resistance unless we see US Dollar weakness .

We now have 6 Straight days of extreme selling of EURUSD and at this rate if anyone with a crystal ball says we will hit PARITY in 1 month from now , i would agree . EURUSD rose to 1.1580 this morning then dropped to 1.1464 by end of day i.e a turn round of 116 Pips .

This kind of selling is usually a STAMPEDE selling where

1 -- Economic Fundamentals or Technical Analysis Garbage will not help in such case
2 -- Geopolitical news will dedicate most of the movements
3 -- Immediate Economic data on the US dollar will drive most of the currencies

Note

EURUSD weakness is very extreme compared to just one week ago. The ITALIAN Budget drama ( Back on the Wires for the second merry-go-round ) , if you recall The italian Debt/ Bond / Budget drama did drop the EURUSD to 1.1300 before EURUSD recovered back all the way to 1.1800.

Now its a repeat and are we heading below 1.1300 ?

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Officially we can now say in 6 days straight EURUSD has been obliterated for 350 pips that shows how EURUSD is very weak in the last 1 week

ITALY Budget Issues and Strong US Economic data continue to drive the US dollar Upwards while annihilating EURUSD

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