The Euro was on a critical condition just last week caused by Draghi"s dovish commentary and Platini"s arrest but this did not stop the Euro to regain its strength rather it rose 0.2% against the US dollar which was caused by the Fed chair Mr Powell indicating that it may be a rate cut due to the economy status.
On Friday the Euro closed to a three-month high confusing and burning many traders that thought it will take time for the Euro to recover.
Focusing on the technical side of this pair EURJPY, we get an understanding that the current price is on a crucial zone, where we spot previous support and resistance level which also the current price is on the 61.8% fib zone. Elliot wave count was done and we just came back from wave 4 now possibly going to wave 5 which that may be our target price at 120.201 and for additional confirmation for those who admire using Indicators, we have the stochastic extremely overbought which indicates that buyers are exhausted and sellers may potentially take the price bearish.
On Friday the Euro closed to a three-month high confusing and burning many traders that thought it will take time for the Euro to recover.
Focusing on the technical side of this pair EURJPY, we get an understanding that the current price is on a crucial zone, where we spot previous support and resistance level which also the current price is on the 61.8% fib zone. Elliot wave count was done and we just came back from wave 4 now possibly going to wave 5 which that may be our target price at 120.201 and for additional confirmation for those who admire using Indicators, we have the stochastic extremely overbought which indicates that buyers are exhausted and sellers may potentially take the price bearish.