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EUR/USD Possible Daily Breakout

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by , 04-14-2019 at 06:51 PM (39 Views)
          
   
A week ago, EUR bears were likely chilling their champagne bottles in anticipation of potential profits to be realized as of the close of trading this week. An ECB with a worsening economic outlook seemed to be a ripe environment for sharp losses. On Wednesday, when the ECB met, the markets grabbed onto the message that the ECB will consider whether it needs to mitigate any of the side effects from negative rates and the long-term bank funding “solution: known as TLTRO-III, but that was not enough to bring out the bears accumulation of shorts.

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Now, the EUR is moving to the highest levels since late March after forming a potential double-bottom low of $1.1184 per EUR on April 2nd (monthly opening range low).

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