Very interesting candle on EUR USD
Today's candle shows again a lot of uncertainties. Traders are hesitating, forces are equally pulling from both ends.
This doji like candle suggests more data is needed to decide which direction will prevail.
In my opinion it is all about China's Evergrande panic and its consequences on the global markets. Chinese are taking money off the company and buying USD to protect themselves against the new "subprime" crisis in the Communist country.
1.17 remains the key point to break and gain strenght for bears. Bulls need 1.18 to reconsider market mood.
I remain bearish long term with the said target of 1.11.
This doji like candle suggests more data is needed to decide which direction will prevail.
In my opinion it is all about China's Evergrande panic and its consequences on the global markets. Chinese are taking money off the company and buying USD to protect themselves against the new "subprime" crisis in the Communist country.
1.17 remains the key point to break and gain strenght for bears. Bulls need 1.18 to reconsider market mood.
I remain bearish long term with the said target of 1.11.
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