Notice the rising wedge formation at the bottom, indication that sellers are holding their breath and taking a beat, others profit taking for the moment. However there is every indication that the ECB is going to cut its benchmark rate at their meeting in June, which also has not yet been fully priced in. This is, in my opinion, a brief respite before the euro’s further descent. I suspect there will be a break below the bottom of the wedge. Euro versus the dollar has not yet bottomed out me thinks.
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