With all the talk of a possible rate cut in June, EURUSD technicals paint a different picture. What would make the EURUSD to rally to 1.4 - 1.41 levels? Better than expected EMU data or a weaker USD or ECB's actions not convincing enough for the markets? Only time will tell.
Regardless of what the media says, USD fundamentals weren't that impressive post Winter. So no matter what ECB does (esp. lip service) it only offers Euro bulls to buy on dips.
P.S: This chart would be interesting to see how Technicals vs Fundamentals play out. In my experience, technicals tend to lead the fundamentals with the exception of a black swan event (which in this case would be ECB doing something the market's haven't already considered).
PPS: If a base is formed around 1.37, then it would be a double bottom within a double top within a larger time frame double bottom.But resistance of 1.38 needs to be broken. Indicative of an explosive move sometime soon. Either the bulls or the bears will win leaving the other sore.
Regardless of what the media says, USD fundamentals weren't that impressive post Winter. So no matter what ECB does (esp. lip service) it only offers Euro bulls to buy on dips.
P.S: This chart would be interesting to see how Technicals vs Fundamentals play out. In my experience, technicals tend to lead the fundamentals with the exception of a black swan event (which in this case would be ECB doing something the market's haven't already considered).
PPS: If a base is formed around 1.37, then it would be a double bottom within a double top within a larger time frame double bottom.But resistance of 1.38 needs to be broken. Indicative of an explosive move sometime soon. Either the bulls or the bears will win leaving the other sore.
