RISK-OFF CONTINUATION LIKELY

٨ مايو ٢٠١٦

EURUSD Price action retracing nicely along negative slope trend line, nearing support level at 1.1366. A breach below this level could be caused by the continuing bear raid party action in the commonwealth cross pairs : namely USDCAD & AUDUSD, & reinforcing the risk off environment. However, what could reverse this retracement is a higher price movement in XAUUSD. Should gold continue it's upward trajectory, algorithms could force short covering in EURUSD.