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Thread: Momentum EU

  1. #1
    Master Member Bogdan G's Avatar

    Momentum EU !!!

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  2. #2
    Specialist Member TAllen1429's Avatar
    Hi Bogdan,

    Interesting - do you know what caused that sharp plunge?

  3. #3
    Master Member Bogdan G's Avatar
    Nope, sorry. I dont trade based on fundamentals so I did not follow the Press Conference. But it is clear Draghi is not being very optimistic about the EuroZone recovery.

  4. #4
    Master Member Bogdan G's Avatar
    I acknowledge the importance of fundamentals, dont get me wrong. I'm just saying that I trade on technicals backed up by fundamentals, not vice-versa.

  5. #5
    Specialist Member TAllen1429's Avatar
    Thanks, I thought that it could be Draghi but what is puzzling me is that the US Dollar has surged against all the other majors. The Euro has actually strengthen against the GBP and Yen.

    I will just have to wait until further news is released. CNBC, etc. is not reporting today because of the 4th July.

    Did your trade win?

  6. #6
    Master Member Bogdan G's Avatar
    Well, at the time of the UK interest rate EUR/GBP went up based on Pound weakness. At the time of the ECB Press Conference EUR/GBP came down based on EUR weakness.
    The Dollar surged against other majors and because it is Counter currency in the EUR/USD pair, the fall was normal. Anyway, I think the main reason for today's movement was not the Dollar strength but the weakness of the Euro and Pound. Yes, I know you know these things, but maybe other people dont.
    Yes, all 10 of them

  7. #7
    Specialist Member TAllen1429's Avatar
    Thanks Bogdan. your comments certainly shed some light on these issues.

  8. #8
    Master Member Bogdan G's Avatar
    You're welcome. Glad I could help.

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