Euroland Fights Back

 
EURUSD has been sharing the GBP's fate since December last year, it has lost 12% of its value. It is also been affected by the Greek's crisis and other looming tsunamis from the Euroland.

But as far as the charts are concerned, the EUR is even more interesting than the GBP . At the daily chart, the very first thing that immediately jump into my eyes is the clear cut classic bullish divergence found at both the MACD and the Stochastic with the prices going new lows. With this , you can almost be assured that this market has already reached a temporary bottom and may stage one of those "shock and awe" kind of bull rally.The MACD is almost reaching the zero signal line which would be more assuring to the bulls.

At the moment the ADX is not too cooperating as it is falling and gone to 17's which is telling us there is NO trend in this market yet. But the longer the market drifts sideway, the more powerful will its next course be. Big profit can be made , so stay alert !

Again like the GBP, there is nothing bullish in the weekly chart. So at this moment, I would call it another technical rebound in a bear cycle.