The EUR/USD created an inside day after soaring above trend line resistance as Chinese stocks continued to tumble. The Chinese stock market has dropped
The EUR/USD created an inside day after soaring above trend line resistance as Chinese stocks continued to tumble. The Chinese stock market has dropped 15.6% during the past 2-trading sessions and is down more than 26% over the course of the past week. The exchange rate eased following a surprise move on Tuesday were the Chinese central bank cut its bench market interest rate. The one-year lending rate drops to 25 basis points to 4.6 percent effective Wednesday.
Support on the currency pair is seen at former resistance now support at 1.1466. Resistance is Monday’s highs at 1.1710. Momentum remains positive with the MACD printing in the black with an upward sloping trajectory.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
