Talks as regards possibility of raising rates by 0.75 basis point is gathering momentum, I only see this as an opportunity to smash the dollar once the decision comes as 0.50 increment which will be termed as disappointing. The upcoming rate rise is already priced in and Dollar has rallied hard bringing most pairs to multi year lows.
Back to technicals, 1.2155 was taken out yesterday as if it didn't exist at all, making it 400 pips drop within 48 hours, that's really massive.
Now the big question is what's the implication of that 1.2155 being broken? Considering the pair is extremely oversold at the moment, the next supports are 1.2075 and 1.1958. I do rather say 1.2075 should hold this move as 1.1958 is a step too far, but hey it's the market and extreme moves do happen which may take on 1.1958.
The current yearly range is now spaced to 1640 pips in mid Year which means there is enough time for bulls to charge it back above 1.35. See September 2019 to December 2019 for more clues.
Back to technicals, 1.2155 was taken out yesterday as if it didn't exist at all, making it 400 pips drop within 48 hours, that's really massive.
Now the big question is what's the implication of that 1.2155 being broken? Considering the pair is extremely oversold at the moment, the next supports are 1.2075 and 1.1958. I do rather say 1.2075 should hold this move as 1.1958 is a step too far, but hey it's the market and extreme moves do happen which may take on 1.1958.
The current yearly range is now spaced to 1640 pips in mid Year which means there is enough time for bulls to charge it back above 1.35. See September 2019 to December 2019 for more clues.
Data + Stat + Risk/Emotions Management
8
Facts. 
