Bags safe: how long? Eur / Usd: close the shorts

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Paciello Pietro
EUR
Dollar
Gold
Petroleum

The stock exchanges do not want to go down and we do not see signs of weakness at the moment: this is where they can go according to Pietro Paciello.

Below is the interview with Pietro Paciello, CEO and Chief Analyst of Pro Markets Sagl, Asset Management Company, to which we asked some questions about currencies, some commodities and expected scenarios for the stock exchanges.

The euro-dollar continues to lose ground and conversely we are witnessing a rise in the dollar-yen. What information can you give us for these two changes?

From a practical point of view, the euro-dollar, after giving a great signal of reversal several time ago, with the breakout of the resistance in the 1.10 area, then gave birth to a double maximum in the area 1,117 / 1,1175, as we had assumed.

The double top is traditionally a reversal figure and apparently the market has felt it and provided some profits.

The latter only partially cancel the extreme robustness of the bullish breakout we have been talking about.

The euro-dollar therefore remains a potentially upward asset for me and right now it is physiologically responding correctly to one of the most commonly recognized figures of inversion of technical analysis.

The correction is becoming more and more robust and in these cases not having great references in terms of support and resistance, I rely on the logics of retracements, including Fibonacci.

In the 1.103 area we are on 50% of the previous bullish movement, so theoretically this is an area where we could witness some recovery / rebound attempts.

At an intermarket level, it must be said that this weakness of the euro-dollar is not very justified given that the stock is seeing its rise phase weaken.



Source link
https://www.trend-online.com/inte/paciello-pietro-intermarket-081119/

Dmca

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