The EURUSD pair fell during the session on Wednesday, breaking below the 1.36 level towards the end of the day.
This is in fact a relatively negative sign, and we believe now that the pair will go to the 1.35 handle given enough time.
That is a much more major support level in our opinion, thereby having the market looks very bearish in the short term, but possibly bullish down there.
On 5 June, the ECB will meet and the value of the Euro long-term will be determined at that point.
The meantime, we think selling is the only thing you can do.
Editor’s Note: Equity investors/traders can use the Currency Shares Euro Trust (FXE, quote) ETF to take positions in the euro without a FOREX account. The ETF looks to track the price of the euro (EURUSD), minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.
Content curiosity of FOREXCycle
You must be logged in to post a comment.