EUR/USD as everyone's eyes are on Brussels,RETRACEMENT?
Updated
FA:
Currently, EU leaders are discussing the possibility of a Corona Virus Stimulus package; with there being a standstill between the frugal four (Austria,Netherlands,Sweden,Denmark) and the "Club Med" members (Greece,Italy and France) whom want the stimulus to be treated as a grant but the frugal four disagree.
As discussions go on, and the lack of news in the USA and States facing further closures- we could see a strong bullish turn around for the Euro against the dollar.
(USA) Expansionary fiscal measures set to reach expiry at the end of July- with talks being held this week on what the next move is- we should see some strong movement.
TA:
EUR/USD has been strong and has rallied quite strong to break a long term downward trend to turn bullish, however, it is now approaching resistance, so what's next?
Resistance is also placed at a HTF support thus now resistance level, as well as being a key Fibonacci level- therefore we can expect a retracement- unless Brussels decides otherwise
Can be treated as a short trade with stops placed outside of the green area; with it hedged with a break-out trade
If the euro breaks that region and the further resistance, it could approach levels not seen since 2014
-Megalodon Whales (Rahim)
Enjoyed Charting this for you all,Please SHARE/LIKE/COMMENT and you are welcome to give your feedback or post your own charts below :)
DXY
EURUSDEURUSD
SPX
Currently, EU leaders are discussing the possibility of a Corona Virus Stimulus package; with there being a standstill between the frugal four (Austria,Netherlands,Sweden,Denmark) and the "Club Med" members (Greece,Italy and France) whom want the stimulus to be treated as a grant but the frugal four disagree.
As discussions go on, and the lack of news in the USA and States facing further closures- we could see a strong bullish turn around for the Euro against the dollar.
(USA) Expansionary fiscal measures set to reach expiry at the end of July- with talks being held this week on what the next move is- we should see some strong movement.
TA:
EUR/USD has been strong and has rallied quite strong to break a long term downward trend to turn bullish, however, it is now approaching resistance, so what's next?
Resistance is also placed at a HTF support thus now resistance level, as well as being a key Fibonacci level- therefore we can expect a retracement- unless Brussels decides otherwise
Can be treated as a short trade with stops placed outside of the green area; with it hedged with a break-out trade
If the euro breaks that region and the further resistance, it could approach levels not seen since 2014
-Megalodon Whales (Rahim)
Enjoyed Charting this for you all,Please SHARE/LIKE/COMMENT and you are welcome to give your feedback or post your own charts below :)
DXYEURUSDEURUSDSPXNote
The deal has been confirmed- on one hand this means strength for the European Union on the other hand- this means money circulation of the Euro will go up thus potentially reducing the value of the Euro- unlikely that we see it push through the resistance but we can expect European stocks to roar as they adjust to the circulation of money.
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