EurUsd- A break under 1.01 would put bears in control again
From both fundamental and technical perspectives, EurUsd is bearish, but that doesn't mean that the pair should fall continuously and, as I draw attention to in my previous posts, a relief rally is probable from under parity.
Yesterday this short squeeze rally brought the pair above the important 1.01 resistance and we have an intraday high at 1.02.
Although I don't rule out a new high above 1.02, gains should be very well capped around 1.03 resistance in this case and EurUsd should resume its downwards trajectory.
On the other hand, a drop and daily close under 1.01 would suggest that the correction is over and 1.02 is probably the top.
In both scenarios, in my opinion, EurUsd will fall back under parity and most probably will make a new low by year's end.
Yesterday this short squeeze rally brought the pair above the important 1.01 resistance and we have an intraday high at 1.02.
Although I don't rule out a new high above 1.02, gains should be very well capped around 1.03 resistance in this case and EurUsd should resume its downwards trajectory.
On the other hand, a drop and daily close under 1.01 would suggest that the correction is over and 1.02 is probably the top.
In both scenarios, in my opinion, EurUsd will fall back under parity and most probably will make a new low by year's end.
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