Update on EURUSD: Feb 29, 2016

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.]

2016-02-29 EURUSD v ES 60 1800continued for members


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