Hi Folks,
As you can see the charts speaks for their own: on a long term view we can clearly see a weak Euro against US Dollar.
The European currency is currently on a downtrend since last year,when it tried to break through resistance at 1.22,and since then keeps loosing dominance in the FX market, as well for his purchasing power which is decline since EUR inception as a main currency in the European Community.
As we can see from the chart on the left EUR is currently testing support at 1.05,a key support level which possibly will give a bit of breath to the currency before the downtrend continuation.
For the next months I am expecting EURUSD to get back around 1.12 ( where there is a massive gap on a Daily time frame) before continue his downtrend towards main support at 0.98,a continuation of negative trend given by negative performance of European Indexes and also because ECB will keeps rising Interest Rates until 2023 at least,on the hope to maintain low inflation rate in the Euro Zone.
Please share your ideas or opinions in the comments below,and thanks for reading !!
Also check my previous analysis on DXY on the link below,any comments are welcome!
Happy trading everyone :)
As you can see the charts speaks for their own: on a long term view we can clearly see a weak Euro against US Dollar.
The European currency is currently on a downtrend since last year,when it tried to break through resistance at 1.22,and since then keeps loosing dominance in the FX market, as well for his purchasing power which is decline since EUR inception as a main currency in the European Community.
As we can see from the chart on the left EUR is currently testing support at 1.05,a key support level which possibly will give a bit of breath to the currency before the downtrend continuation.
For the next months I am expecting EURUSD to get back around 1.12 ( where there is a massive gap on a Daily time frame) before continue his downtrend towards main support at 0.98,a continuation of negative trend given by negative performance of European Indexes and also because ECB will keeps rising Interest Rates until 2023 at least,on the hope to maintain low inflation rate in the Euro Zone.
Please share your ideas or opinions in the comments below,and thanks for reading !!
Also check my previous analysis on DXY on the link below,any comments are welcome!
Happy trading everyone :)
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