This currency pair has been falling for obvious reasons.

The European central bank has a prolonged expansionary monetary policy. The German economy is struggling. Overall risk averse market sentiment still prevails, even with some occasional relief news. The result of all these means that only sell opportunities are preferable at this point. Therefore rallies towards and even into the resistance zone will be opportunities to sell, if exhaustive candles are formed.

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Disclaimer: Our analysis and forecasts given on this website are just our point of view about the market. It is not a trading signal or investment advice.