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EUR/USD – A Plan to Fade a Corrective Rally
The EUR/USD has been very bearish this week. The market put on USD-strength across the board after the FOMC meeting minutes. The ECB Interest rate meeting and the following press conference with Draghi did not accelerate the decline other than the immediate reactions. On the other hand, it is still too early to call any correction as far as price action goes. As far as momentum and volatility, the market is oversold. The 1H RSI is below 30, and the market is tagging the lower bollinger band (3 standard deviations from the 200 simple moving average). With the ECB risk event over, the next big one is the Non-Farm ... (full story)
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