euro under bearish pressure as result of recession panic
Euro/U.S Dollar (euro/usd)
intro:
last week economic data showed a record high of euro area annual inflation rate, up 0.8% from august bring the total figure to 9.9% in September , with all eyes on the ECB this week as they are expected to raise interest rates by 75bps as control measure to cool down rising inflation. This willl bring borrowing costs to the higest since early 2009.
technicals :
price is trading in an ascending parallel channel, price has reached the top trendline of the channel, acting as resistance with price respecting the trendline failing to close and trade above it. Daily supply level added bearish confluence as it is in control of price @ 0.98800 which has been a key level of resistance also.
with the negative economic news and technicals showing increasing bearish momentum, i anticipate a further move to the downside awaiting the meeting of the European Central Bank later the week.
i have short targets ar 4hr bearish rejection @ 0.97300.
supply and demand
put together by : Pako Phutietsile
presented by : currencynerd
courtesy of : TradingView
the Nobel Prize in economics belongs to Satoshi Nakamoto
intro:
last week economic data showed a record high of euro area annual inflation rate, up 0.8% from august bring the total figure to 9.9% in September , with all eyes on the ECB this week as they are expected to raise interest rates by 75bps as control measure to cool down rising inflation. This willl bring borrowing costs to the higest since early 2009.
technicals :
price is trading in an ascending parallel channel, price has reached the top trendline of the channel, acting as resistance with price respecting the trendline failing to close and trade above it. Daily supply level added bearish confluence as it is in control of price @ 0.98800 which has been a key level of resistance also.
with the negative economic news and technicals showing increasing bearish momentum, i anticipate a further move to the downside awaiting the meeting of the European Central Bank later the week.
i have short targets ar 4hr bearish rejection @ 0.97300.
supply and demand
put together by : Pako Phutietsile
presented by : currencynerd
courtesy of : TradingView
the Nobel Prize in economics belongs to Satoshi Nakamoto
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