EUR/USD Turn from Long-Term Fibo - But Can Bears Take Out 1.1000
So far Q4 has started much differently than the way most of Q3 went. While EUR/USD was strong for most of last quarter bears have made a re-appearance in the pair, defending a lower-high inside of the long-term resistance level that I looked at last week at 1.1212.
It's been a fast move so far but the big question now is whether bears can do what they failed to do in September - in driving below the psychological level of 1.1000. That support came into play with buyers holding lows two pips above a day ahead of the ECB's rate cut.
Going along with that fast change in EUR/USD has been a fast change in USD. If we do see the Dollar temper recent gains (and EUR/USD the same but in a mirror image), there could be more attractive venues for that USD-weakness whether it shows as a short-term theme or something larger. GBP/USD and AUD/USD still remain of interest for such. - js
It's been a fast move so far but the big question now is whether bears can do what they failed to do in September - in driving below the psychological level of 1.1000. That support came into play with buyers holding lows two pips above a day ahead of the ECB's rate cut.
Going along with that fast change in EUR/USD has been a fast change in USD. If we do see the Dollar temper recent gains (and EUR/USD the same but in a mirror image), there could be more attractive venues for that USD-weakness whether it shows as a short-term theme or something larger. GBP/USD and AUD/USD still remain of interest for such. - js
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