EUR/USD, a failed attempt for now!
But, it’s not that the bulls didn’t try yesterday. They have manage to make a turnover from 1.0565 and reached the high of 1.0641 quickly during the US session. The selleres were ready again and return the pair to 1.0620, where it holds during the whole Asian sesion in a tight range of 10-15 pips. In the European opening the pair fell to 1.0600 and find a minor support for now. On the way down, the buyers are waiting at 1.0550/70. The bulls could try again 1.0620/50 and if that breaks, 1.0680/700 is the next target! As I wrote in my previous EUR/USD analysis, the sellers are strong and they would like to try a previous 12 years low from March, thats for sure. They are to close now, but on the other side, the buyers are serious here as well. Let’s see who will win this fight!?
Daily EUR/USD chart is all in favor for the bears and I have wrote that in the last couple of weeks. US dollar index is high and turn over here will be a real surprise for the sellers now. But, the sellers can’t brake the euro as they would like to do, that’s why I am writing about possibility of short term reversal in favor of the euro. That’s what I see, not what I am thinking about. Sure, runing after the pair on higher levels is not clever idea, but long entry on deep is not a huge risk, like yesterday. The huge weight for the euro is the next week ECB meeting on December 03., from wich the market is expecting the QE extension. Well, the ECB is using all tools to lower the european currency for a long time. But, if the sellers don’t do nothing soon, the buyers will. What can’t go down, must go up and other way around. Let’s see what next!? Thanksgivig day in US today, could we see ‘nothing’?