EURUSD Quick Glance

29 Mar 2017

Brexit is just the start of the euro area problems. I think more countries will soon follow and that leads me to believe that the long term outcome will be for the euro to depreciate. However, short-medium term there could be some positive news that push the euro higher, even if its driven by a weaker USD. Right now the trend is for the euro to move higher, lower lows and higher highs. Price action dictates that there is a bottom in place, at least for the time being. Keep an eye on economic data. I may consider developing a long position beginning at the 1.07 level with 1.0490 stop. With more data points, I will update these levels as price action develops.