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EUR/USD Refuses to Fall
Euro went an a rollercoaster ride today dropping below the 1.0800 figure on dovish comments by Mario Draghi only to take out all the late shorts in the afternoon as equities took another swan dive. Its clear that Mr. Draghi and company do not want to see the pair above the 1,1000 level, but euro is fighting other forces as it has become a massive funding currency for risk flows and therefore is now at mercy of correlation traders whose algos can push it around like a feather in the wind.
So the pair no shows serious conflict between technicals which display strong bids at the 1.0800 level and the fundamentals which remain negative. For now the 1.0800-1.1000 range remains in place and until it breaks it remains anyone’s game in the contest between longs and shorts.