The Euro was very close to testing parity today, but it didn't. We are seeing a little bounce here.
This changes nothing though.
The first trendline has not been broken and neither has the second steep one.
It looks like the 1.24 level has been acting as a resistance in the past years.
Macro remains bearish. It's simple. We are going to test parity sooner or later. When we do, if EURUSD breaks the 1.00 level and holds below, it's going to be a true mayhem within the EU. It would be the first time in 20 years when Euro is trading below the American Dollar.
If it breaks the 1.00 level and holds below, the next levels we are looking at are represented by the white rays.
Although improbable, if we end up trading below the all-time low, below 0.82311, the Euro will die in its "mid-twenties".
This changes nothing though.
The first trendline has not been broken and neither has the second steep one.
It looks like the 1.24 level has been acting as a resistance in the past years.
Macro remains bearish. It's simple. We are going to test parity sooner or later. When we do, if EURUSD breaks the 1.00 level and holds below, it's going to be a true mayhem within the EU. It would be the first time in 20 years when Euro is trading below the American Dollar.
If it breaks the 1.00 level and holds below, the next levels we are looking at are represented by the white rays.
Although improbable, if we end up trading below the all-time low, below 0.82311, the Euro will die in its "mid-twenties".