EURO - More downside to come
Just as you think it is unthinkable that France be threatened with a downgrade by the rating agencies, the backbone of European Union - GERMANY may soon be under the same threat. As I typed this, news have been coming in on the poor response in the Bonds auction market.
When the news broke, we can see EURO sliding further into the red. What we noted a couple of hours back on the Descending Triangle reflected that the market has been selling EURO way before the news broke. And with the breakdown of the Descending Triangle, we may see EUR/USD trading back to the support level of around 1.3150 soon.
from
Hammerman
Just as you think it is unthinkable that France be threatened with a downgrade by the rating agencies, the backbone of European Union - GERMANY may soon be under the same threat. As I typed this, news have been coming in on the poor response in the Bonds auction market.
When the news broke, we can see EURO sliding further into the red. What we noted a couple of hours back on the Descending Triangle reflected that the market has been selling EURO way before the news broke. And with the breakdown of the Descending Triangle, we may see EUR/USD trading back to the support level of around 1.3150 soon.
from
Hammerman
