The Euro was sold off massively following the ECB pledge to keep interest rates ultra-low as it announced the end of the asset purchasing in December while the Eurozone data confirmed the preliminary reading of inflation at 1. USD: To trend down to the 1. USD Technical Analysis: Small wedge prevents Euro to break above 1. USD Technical Analysis: Euro grinding higher and consolidating supply and demand forex sam seiden youtube a small wedge below 1.
From a technical perspective, the 1. 1535-30 region, closely followed by over 10-month low level of 1. 1510 could provide some immediate support. On the flip side, any recovery attempt back above the 1. 1600 handle might now confront resistance near the 1.
1615-20 region and further meaningful up-move might now be capped at the 1. The Euro is in the process of recovering after dropping down to a 2018 low around 1. However, the weakness down to 1. 1500 was viewed as a correction within a more meaningful medium term uptrend, with that next higher low sought out around 1. 1500 in favour of a bullish continuation.