Welcoming the election results initially weighed good as a matter of market relief has somehow calmed the 1st trading day of the week. Yet volatility remains a primary concern for investors and traders alike which resulted for price action to radically counter the opening prices higher for the Euro. As the EURUSD drifted lower and weighed heavily on the EURGBP cross.
Market sensitivity and vulnerability have been the culprit for a cross whipsaw of the majors and cross rates. The bearish price action for the Euro and EURGBP cross remains at the low range of the day at 1.2580 and 0.8025 levels respectively. With US trading session prices recovering from it lows. However, please be aware that such prices moving lower across the European majors still holds their higher lows significantly from the previous weeks trading. Thus, reminding us that daily pullbacks, although negative sentiments prevail; prices are within a mid-term rising channel. The lower extensions beyond current prices would re-assault the 1st lower band at 0.7985 and 0.7885 range levels whenever the sentiments for the Euro remains below the 1.2380 or lower. While the Cable / Pound Sterling higher lows would remain at pace with the EURUSD. The 1.5732 registered rally high for now have top-out while 1.5580 Moving average levels remains the initial support(S1) levels.
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