Forex Daily Review: EUR/USD Is Set To Gain Despite the Fitch Downgrade
Fitch downgrade Spain by three notches, adding to the risk aversion in the financial markets following Ben Bernanke testimony. No hints for Quantitative Easing 3 (QE3) were given but EUR/USD intraday charts are pointing towards…
I do believe you are wrong in that assumption.
I my view the rally from 1.2286 to 1.2625 is a correction. It might still turn out to be a bigger correction, but even if this is the case we should see EUR/USD fall to near 1.2286 again soon.
Despite the recent weakness in EUR/USD at the time of this writing we are discussing an intraday chart. My analysis matches the fundamentals as should a Spain bailout occurs over the weekend (speculations so far) EUR/USD could very well open with a gap higher. A teleconference meeting is due to take place tomorrow. I still believe a short-term bullish rally is merely a matter of time
NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!