Chancellor Merkel managed to win a fourth term in Germany's election on Sunday, but her victory was a bit overshadowed by the hard-right AfD party which
Chancellor Merkel managed to win a fourth term in Germany’s election on Sunday, but her victory was a bit overshadowed by the hard-right AfD party which has won 13.3 % according to the source. The EUR/USD reacted with a common gap (head and shoulders, tradable) and I have predicted a possible gap close on Twitter, straight after the market opened. The has gap almost closed getting only 6 pips away from the Friday market close. At this point, the market is still undecided as we have few possible scenarios. The main trend is still up but we might see a dip before the rally. 1.1890-1.1900 is the POC zone (W L3, D L4, channel low, ATR low) and we could see a spike towards 1.1965 and 1.1984, the projected high/ D H4. If 1.1890 is taken out, the price could drop to 1.1880 and 1.1850 W L4/ ATR projected low. Volatility is not high at all at this point so the price is a bit calm. More on the EUR/USD movement will be shown in today’s webinar so don’t forget to sign up.
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M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.