The price rejected yesterday 1.1720, just in the WR1 and in a major Resistance. It doesn’t look very good to buy at this point, so I’m waiting for the price to come back again at least to 1.16 and maybe 1.15sh. As you can see in the 1H chart a potential H&S might be forming, which if it happens could led the price to the WM2 at 1.1580. As a bull I need to wait and see what happens now, and how those levels react. If I see a reversal pattern in any of those levels I may give it a try.
Fundamentally speaking, last comments form the ECB official Peter Praet suggest that the central bank remains in no rush to normalize monetary policy as the board members pledges to retain the zero-interest rate policy.

Leave a Reply