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EURUSD – Bearish Pressure Inside Large Corrective Structure (weekly chart)
I wanted to zoom out to the weekly chart to give a good perspective on the Euro. Today the Italian PM lost the referendum, which could put a lot of pressure on Italy to leave the Euro-zone with the anti-euro party gaining steam.
Italy leaving would likely signal the end of the Eurozone, and we’ve seen a lot of bearish pressure on the euro since market open.
The weekly chart gives us a good long term perspective of the price action with the pair stuck in a large corrective range between 1.05 and 1.15.
If the structural lows fold, then …... Keep reading