Market Snapshot – Euro Buoyant With Help from ECB

Euro Buoyant

The euro seems to have been saved by the action of the ECB which has decided to bring about a timeline for the end of the QE program. With the uncertain situation in Italy and with the incoming data from the Eurozone also turning out to be weaker than what was expected, the euro bulls were being forced into a corner and this led the euro lower and for a brief while, it appeared as though it would crash through the $1.15 region in due course of time. But the ECB did realise the seriousness of the situation and waited for the situation in Italy to stablise before it began to act and the action all of this week has helped the euro bulls to make the turn around and start pushing the euro higher during this period. This seems to have saved the euro for the timebeing and as we received more and more information of the timelines and the plans, it is likely that the euro would continue to remain buoyed in the days to come.

BTC Still Below $8000

In the crypto market, the BTC prices continue to trade below the $8000 region and what this means is the fact that the bulls have been unable to break through the broken support region and if this continues, it can only mean more trouble for them. The prices have been choppy below this region over the last 2 weeks and the more time that it spends below this region, the more is the likelihood that the investors and the weak holders would begin to get tired and they would start selling which would only add further pressure to the prices. If this happens, then the region below the $7000 price region would come into the picture during this period and that can only mean more pain for the bulls.