In our November 2015 update [see: Update on EURUSD], we noted that EURUSD had reached a potential bottom at 1.0592.
Today, EURUSD reached a key technical level, completing a Bat Pattern that should see it rebound strongly. We’ve been anticipating this day ever since DX broke out three weeks ago.
It bumped along for 8 sessions before the ECB finally took action. EURUSD soared 4.3% in a day. But, as has so often been the case, Draghi’s actions were severely front-run and resulted in stocks selling off sharply [see: Draghi Disappoints.]
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