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EUR/USD Weekly Outlook: Daily Bearish Breakdown; Weekly Reversal

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by , 06-17-2018 at 11:18 AM (675 Views)
      
   
On Thursday, the ECB's cautious stance on the removal of monetary stimulus sent EUR/USD down sharply, the biggest move in recent memory. This has price support running back to 2015 and the January 2017 trend-line squarely under assault again.

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The thinking on this end is that we will see some backing-and-filling in the days ahead as the market digests the impact of Thursday's outcome. This could make for less-than-ideal trading conditions in the very near-term as the euro chops around. Overall, though, the bias right now is that any bounce from here, despite coming from support, is likely to be short-lived.

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