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1.30055 tested earlier today and bounced
The EURUSD held Jan 3 low at 1.3055 during the Draghi presser. The market price rallied but then gave up more ground mainly after a report that the biggest of all economies in Europe – Germany – would slash GDP growth estimates.
The price fell sharply and in the process moved below the 1.13055 level.
The low reached 1.12885 on more selling but is now back up retesting that old low level
A move above could lead to more buying from shorts. The underside of the broken trend line comes in at 1.13177. The low from Tuesday comes in at 1.13355.
As I type, the sellers are leaning against the level, but the price is not exactly running lower either. A battle is going on at the key level.
This article was originally published by Forexlive.com. Read the original article here.