EURUSD Has a Volatile Day After a 75 bps Hike -
breaking below the 1.02 level and dropping. This of course is a very negative sign and when you look at the charts over the last several months, you can see just how highly correlated the 50-Day EMA is to what could be a downtrend line.shape is very much like a hammer, so I do think that we could get a little bit of a bounce.
This is especially true as we head into the weekend since the market is likely to see some short covering as so much money has been made to the downside. Furthermore, it seems as if we have a lot of interest in the parity level, as it is essentially an anchor. I am going to let this market rally a bit so I can start shorting it again. The ECB is still stuck, and of course, the biggest problem they are going to be facing is the fact that there is going to be a lack of energy heading into the winter, and therefore it’s difficult to imagine that the economy will be able to handle a lot of tightening. Eventually, central banks will have to loosen monetary policy, and I believe that the European Union will probably be one of the first ones.
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