Blackday asks: Is this a bounce or a base?
Given the bounce from just ahead of the 50% Fibo of the lifetime range for EUR/USD, there’s a decent risk that this is shaping up to be a bottom. A break of 1.2445/55 would be a powerful signal, that we’ve put in at least a short-term base…
The SNB went nuts today and bought umpteen yards of EUR/CHF and the Fed and ECB let it be known they they were closely watching the markets. This is a shift and one that should not be ignored, especially the “rate checking” by the ECB and Fed…
So far we’re stalling ahead of 1.2400 and China, a big buyer yesterday, is a seller into strength today, so the jury is still out, unfortunately.
