The Euro: A Small Rebound for Now and Traders Are Nervous

The euro managed to have small rebound after the big fall last Thursday, which continued until the close last Friday, because of the ECB’s dovish stance on bond purchases and interest rate hikes.

The rebound is not significant.  It’s been contained within a 40-pip range since the opening on Monday.  On the daily bar chart, we can clearly see that the uptrend channel has been broken.  The question is where the next support level and how steep the correction would be.

Currently, the euro is trading slightly above 1.16.

The ECB drama last week triggered some actions from my MT4 EA, which has produced a small profit for the week.

The strategy can be found here.

The latest result can be found here.

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