Euro Breaks Down After FOMC EURUSD Forex Trading
hikes are definitely coming, and that will work in favor of the US dollar against almost everything, including the euro which is considered to be the “anti-US dollar.” With that being said, the market is likely to test the 1.12 level underneath which is a large, round, psychologically significant figure. If we break down below there, the market is likely to go looking towards the 1.10 level.I do think that is very likely at this point, but it does not necessarily have to be quick.
Short-term bounces continue to offer selling opportunities on short-term charts, but if we were to turn around and take out the 50 day EMA, then I would have to start to think about the market changing and perhaps opening up the possibility of a move towards the 1.14 handle. That being said, this is a market that I think certainly looks negative and has been in a downtrend for quite some time, so it does make sense that we would continue this move.
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