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Weekly Overview on Majors' Price Action

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EURUSD - Break or False Break The price of EURUSD dropped more than 350 pips last week and hit a new low in October. The biggest drop was triggered by the ECB monetary policy statements from the press conference held last week. The drop broke the line of the uptrend that started in February and stopped at 1.1000, which is also the 78.6 Fibonacci retrace from the last impulse of the rising trend. Theoretically, this is considered to be a strong bearish signal with regards to technical analysis.

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