EURO on the edge of historical collapse
Tradingview hides EURUSD absolute low of early 1985.
Even Investing.com will not reveal it to you. Investing.com provides a close for 1985 and possibility to draw a trendline.
You can see it using Fxtop.com historic chart and then use investing.com to draw that trendline.
But that historic trendline runs the way I plotted now - the right end is even slightly lower.
At any case March monthly shadow did test it - hence the violent bullish reaction from the European Central Bank.
At this point it is hard to make any technical prediction because we are dealing with the European Central Bank which can easily push the price.
But we are on the very edge of historical trendline.
If APRIL candle closes below that trendline that will change EURO history for years to come - a close below will break 1985-2020 EURUSD uptrend (by modern definition of technical analysis) that lasted 35 years.
Even we move below that trendline in April it is still not guaranteed that we will stay there.
April monthly close below is necessary and May candle (being bearish) has to validate that as well.
But I will not be surprised if this breakdown occurs considering the situation in the EU. Even on small April volume EURO keeps flying down.
ECB can push the price but not control it.
Even Investing.com will not reveal it to you. Investing.com provides a close for 1985 and possibility to draw a trendline.
You can see it using Fxtop.com historic chart and then use investing.com to draw that trendline.
But that historic trendline runs the way I plotted now - the right end is even slightly lower.
At any case March monthly shadow did test it - hence the violent bullish reaction from the European Central Bank.
At this point it is hard to make any technical prediction because we are dealing with the European Central Bank which can easily push the price.
But we are on the very edge of historical trendline.
If APRIL candle closes below that trendline that will change EURO history for years to come - a close below will break 1985-2020 EURUSD uptrend (by modern definition of technical analysis) that lasted 35 years.
Even we move below that trendline in April it is still not guaranteed that we will stay there.
April monthly close below is necessary and May candle (being bearish) has to validate that as well.
But I will not be surprised if this breakdown occurs considering the situation in the EU. Even on small April volume EURO keeps flying down.
ECB can push the price but not control it.
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