The shambles that is Europe is currently reflected in the , which continues to plumb new depths on the weekly chart, as each attempt to rally is snuffed out. While Germany’s economics continue to weigh heavily and Brexit takes its toll, the technical picture on the weekly chart makes the case clearly, with the deep wicks to the upper body of the candles telling their own story.
This has been the case since late last year, with last week’s wide spread down candle engulfing the up candle of the previous week and driving the EUR/USD pair toward the 1.0900 region and lower. And with a low-volume node now ahead and the trend monitor indicator turning bearish, the longer-term outlook does not look promising for the single currency and should the 1.0850 region be breached, expect to see the euro continue lower across the complex.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.