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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

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Thursday, January 25, 2018

EUR/USD Currency Battle

The following monthly chart of EUR/USD shows that the Euro has risen to a resistance level (1.2500) at the upper edge of a downtrending channel that began during the 2007/08 financial crisis.

Its next resistance sits at 1.3055, a major Fibonacci resistance level taken from the 2000 lows to the peak prior to to the financial crisis. Fibonacci support sits below at 1.2134.

Momentum is in uptrend on this timeframe and still rising, but has yet to match the all-time high set in March of 2011.


We'll see whether the recent political rhetoric coming from ECB Chair Draghi and U.S. Treasury Secretary Mnuchin will create any chaos in the short or longer term...or whether free-market currency trading carries on with its business-as-usual dealings.

In the short-term, price may be somewhat constrained around this channel resistance level, and some volatility and price consolidation/swings may erupt, until the Euro, either resumes its upward trek toward 1.3055, or falls back to as low as 1.2134, or lower.

In any event, future forward guidance from the Fed and ECB (based on economic data at that time) and their decisions regarding interest rates will, no doubt, have a more meaningful and lasting effect on the price of this Forex pair.

Source: CNBC.com

Source: ZeroHedge.com