The beginning of the new week shows the weakness of the bullish camp. Experts find many explanations of this condition, and they are mainly the following: Syria problem, QEIII termination, and selling facts about the recovery in Europe. Yesterday, buyers performed only one attack. In the early morning they tried to force the 1.3230 resistance. Bulls failed which caused a retracement aiming for the 38.2 Fibonacci level. The area was broken today, which potentially causes a dangerous situation for the buyers.
EUR/USD" title="EUR/USD" width="799" height="336">
The aim of this movement is towards the area around 1.31, where we can see the 50% retracement of the recent long-term upswing. The 38.2 Fibonacci level is the closest resistance for today.
Today, we do not have any major macroeconomic data, but figures that will be shown today can still have an impact on the market. After this morning’s bearish breakout, sentiment is negative and will stay that way, as long as price stays under the 38.2 Fibonacci level.
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Week Begins With A Seller's Market
Published 09/03/2013, 06:43 AM
Updated 01/31/2022, 02:45 AM
Week Begins With A Seller's Market
Admirals
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