By Glenford S. Robinson
As a result of last week’s US Fed rate cut sentiment, the EUR/USD currency pair picked up steam last week galloping to as high as the 1.1411 level where it met stiff resistance turning the pair back down toward the 1.1390 – 1.1398 level where it wasn’t able to break the 1.1400 barrier again and thus began freefalling after traders realized that the US economy was not in need of any monetary stimulus that would have been created by a rate cut in the area of a possible 25bps to 50bps.
The pair then began free falling down toward the 1.1308 mean level where it broke through this support level and ended up dangling down at the 1.1204 – 1.1193 level where it caught support. Buyers were eager to push the currency pair back up to the 1.1208-11 level which is another mean area visited last month and now is serving as a resistance zone. The pair is currently consolidating around the 1.1208-1.1211 level for a possible push downward on the slightest of negative economic sentiment introduced by any sort of negative economic data coming out of the Euro zone.
It is expected that the pair will possibly touch down at the lower end of 1.1100 possibly protruding down to the 1.1090 area. Some Eurozone macroeconomic catalyst should initiate a push up toward the mid 1.1100 possibly toward the 1.1165 zone before continuing up the charts back towards 1.1204 where it possibly will remain for a week or two until Brexit news that will probably push the pair back down to the low to mid 1.1100’s.
The ECB is hell bent on keeping the value of the Euro as low as possible in order to compete with Trump’s USD for bottom-dwelling supremacy. Going forward, an interest rate decision either by the ECB or the FOMC in the not so distant future favoring the Euro could cause a rapid rise of the currency pair back up toward the 1.1400 level.
We must wait and see what happens next. Until then,
A word from your sponsor
5 Minute Millionaire Money Mentor
A. Ever heard of Tai Lopez?
B. He’s looking to personally mentor a small group of people to become ‘black belts’ with money.
C. Check out his video: tailopez.com/A3092184
Wait! Wait! Free Bonus, Free Bonus: Don’t Open the link Yet.
First go to Youtube and Listen to the book called “Think and Grow Rich by Napoleon Hill.”
The book is free to listen to on Youtube. After you listen to some of the material in the book,
then you will be ready to learn how to make money with Tai Lopez’s 5 Minute Millionaire Money Mentorship program.
All my close friends, family, and professional colleagues are saying that the video at tailopez.com/A3092184 is worth the wait.
If I were you, I would read the book first. Your call!
Mr. Glenford S. Robinson is the Chief Executive Officer and Founder of Mstardom Finance. He is the editor-in-chief of News and Magazine article publishing. Mr. Robinson is also the lead developer of the Mstardom Finance Platform at Mstardom.com. He is passionate about quantitative finance and technologies associated with that discipline, such as python-based algorithmic programing. Mr. Robinson is also a Clinical Laboratory Scientist currently practicing laboratory medicine. When Mr. Robinson is not practicing laboratory medicine, writing articles, or studying finance, he is creating mathematical and statistical modules, using quantitative approaches to identify trading opportunities in the Forex and Stock Market.