Ransquawk

EUR/USD continued the downward movement in recent days. This should not come as a surprise due to the wider perspective, ie extremely strong increases almost throughout the previous year. In these categories, the current decline should still be treated as a correction. Yesterday, support based on the previous low has been severely affected. One could see here the active formation of a double bottom. The charts are full of similar, unfulfilled formations. It seems that the driving formation is the trend, and this is still bullish. Another chance for reflection should appear next to the long-lasting trend line. Only the style of that reflection can tell us more about the strength of current trend.

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Ransquawk