DislikedThe are some reasons why the euro will go up shortly 1,3915? The Asian and USA markets have to high value of the euro and have intersts in getting it hgher. We saw a3 % decline in the euro. It will retrace. The market is still to test the ECB.(will he do anything in june) In the long run it will decline due to fundamential reasons. It must go down. Europes big problems are not solved at all. The fundamental will win in the end.Ignored
Trading corrections is something that I do well and ordinarily I would look for a retrace to 1.3840 - 1.3890 zone BUT, this move was without doubt caused by a shift in sentiment (if long or short term = to be seen) and therefore I would expect the correction to be shallow at this stage especially as there is plenty of room below to move into without any real issue.
See on the hourly chart how the consolidation zone 1.3750/70 was very flat with no real attempt to lift and hence cause a flag even, and so far it has only tested the bottom once.
given the above any lift above the consolidation zone would be unlikely before a bottom test and I would expect that the bottom of the zone 1.374x which is also last weeks low to act as a major resistance point now attracting fresh selling
I remain short on EU