The tweezer top formation retesting the 1.13750 major resistance zone proved to be a textbook setup. In addition to this, monetary easing by the ECB has added fuel to the fire.
For a short term outlook I expect a slight retest of the significant 1.11000 trend line, before price continues to the downside.
For a short term outlook I expect a slight retest of the significant 1.11000 trend line, before price continues to the downside.
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Price moved as expected. Quite a lot of consolidation leading up to FOMC announcement. Price just touched the 1.11000 resistance level, confirming its significance. 1.08500 is the next level I have in mind for potential action.