EURUSD in a whipsaw action after SNB announcement and German PMI

2 min read


EURUSD is making whipsaw action as the pair is being sold on rallies and both on dips simultaneously. After yesterday’s inverted head and shoulders the pair has slumped after the SNB announced fee on deposits and possible negative rates for pension funds. Now the support at 1.0659 is the major downside level for the day as if it breaks EURUSD could proceed lower to test 1.0620. To the upside 1.0745 is the resistance and the pair could test it which would indicate a mixed momentum and possible range play again. Resistance at 1.0800 remains major upside level for the day and if it breaks the pair might head to 1.0850.

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