Rallies in the EURUSD are still more likely than not to get faded, as the FederalReserve is going to take front and center Wednesday and is expected to punish the markets. Find out more:
rallied rather significantly last week to break above the previous hammer, so it does suggest that we may have a little bit of recovery ahead of us. Nonetheless, most of the move is probably due to the ECB having a surprise 50 basis point rate hike. That being said,is going to take front and center Wednesday and is expected to punish the markets.
That being said, I think it’s probably only a matter of time before the sellers come in again. The parity level will be targeted.rallied last week to reach above the 1.20 level, showing signs of recovery. That being said though, the market is more likely than not going to be very noisy, to say the least, so I think it’s only a matter of time before we start selling again. I don’t know that it will happen right away, as we may see a little bit of follow-through on the dollar weakness.
the US dollar is overbought, so it does make a lot of sense that we could see a pullback and its value., as we are pulling back from a major overbought area. The ¥136 level is an area that could offer a little bit of support, but after that, we could drop to the ¥135 level quite quickly. Regardless,The Bank of Japan will continue to keep a hand in the bond markets, and I think it will continue to shrink the value of the yen.
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