The trend indicators (i.e. MA100 on hourly timeframe) shows a bearish bias. In short, hectic volatility and then the calm will eventually settle for the bearish move.
Volume at 12.45pm rocketed to around 125m units but only produced a fifty-pip candle with long wicks
at both ends… ‘New measures to be announced later’, says the news release, meaning at the press
conference at 1.30pm. EXPECT FIREWORKS.
Price is all over the place
I hope those fireworks are aimed at the ground and not at the sky! Bearish over here.
Prices are still holding above 1.1600.
Not any longer, now 1.1525 and falling
I need to buy Draghi a drink!
[B]EUR/USD dropped about 200 pips in less than two hours, and trading volume with FXCM is at 1.1 billion units…
[/B]
I guess it’s all started from here. EUR/USD initial reaction was muted, but now hitting fresh 11 year low.
The technical framework of the EURUSD remains negative, but largely short-term direction will depend on the direction the pair take after today’s meeting of the ECB and its decision on the quantitative easing program (QE).
A wider context, the price structure suggests a downward long-term trend.
R3 - 1.18174
R2 - 1.17485
R1 - 1.16786
Daily Std. Pivot - 1.16097
S1 - 1.15398
S2 - 1.14709
S3 - 1.14010
ECB’s rate decision and Draghi’s press-conference certainly had an effect on the market. EUR/USD broke below the support at 1.1540 and continued on its way down to break below 1.1400. Next target is likely 1.1300.
and we still have Greece elections on Sunday we will see more drop on the euro
Very useful, i agree with that, thank you.
EURUSD fell like an asteroid during yesterday session making fresh lows at 1.1315 and close near the low of the day creating an impulsive candle. The pair is in a well-established bearish phase and has fell 6.15% since the start of the year. Stochastic in showing an oversold market but even with the pair well into oversold territory, we should not fight the strong downward trend.
Next target is 1.1270
EUR/USD is in a state of freefall and dropped over 500 pips for a single day, breaking below the 1.1200 level. Next target is likely 1.1000, but I think that it will eventually reach parity.
The free fall continues, it has already broke 1.12, there is no bottom in sight.
According to analysts at Societe Generale, EUR/USD would head towards 1.08 levels if it breaks below 1.12.
So, the free fall for the EURUSD will continue and next week as well .