Since yesterdays high at 1.0714, in a possible wave 'ii' brown, the price has fallen away pretty impulsively in what is likely the begining of wave 'iii' brown. The price fell through support at 1.0630, this now becomes resistance in the new down trend. The fact that prices fell back through the previous lower high at wave 'a', adds weight to the bearish stance.
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Euro ended the day slightly lower against the U.S. dollar. Mario Draghi was scheduled to speak but he offered very little in terms of market moving comments, instead only focusing on the need for productivity growth within the Eurozone. ECB's Smets came across the wires today and stated that the bank has not taken any steps towards removing current QE. It looks like, no more QE is positive for EUR. The pair has printed higher high, after making a firm bottom at around 1.05 during oversold momentum.
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Data from the Eurozone was mixed with industrial production rising less than expected and German investor confidence falling short of forecast. However expectations for Eurozone growth rose sharply last month, which could be a reflection of the recent improvements in the region's economy.
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Tags: March 2017,
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