The End of 2024 EURUSD Monthly Update
EURUSD spent previous two years (2023/2024) quite undecided, even we had some tremendous shakings in the World, and lots of tremors.
For the first time I am going to take into account some heavy Fundamentals coming in and lots of speculation on the outcomes…
With Trump stepping in the office in January , very ugly tensions all over the Middle East, war in Ukraine, China pressing Taiwan, North Korea being paid back for help in Ukraine ( I don’t even want to think what that can be) , EU going down and fast, huge Bubble in the stock market and Crypto Coins….
So here it comes:
Technically speaking, we have two Major Supports below:
1.01500 & 0.95350
If taken out, our target will be in 0.75 area
Major Resistance is at 1.12500
Now for those of you that haven’t even been born when EUR started it’s existence :
EURUSD started at 1.24, went down straight to 0.82250 and next 10 years were pushing only Up, all the way to 1.60373 – so it doubled in these 10 years…
Last 16 years pair was falling down in cascades , and right now is stalling waiting for the final decision – Going for the New Low or Reversing …
What we know from the experience:
- Start of the New Year is most of the time counterproductive to the direction that pair will take later on
- This Year might be different ( Trump in the office)
- Reality of the current situation in the EU
- More turmoil to come ( EU is heavily dependent on International trade, raw materials Import, Energy Import, cracks in member states stability, migrant crisis – to name just a few)..
All of the above goes in favour of EUR taking a dive…
My opinion – It will take a dive.
In that case, it should take around year and half to reach the target at 0.75 – but that is Technical talking – I have no idea what else might happen in some more harsh scenario….
However, if this world continues to be schizophrenic as it is, and 1.01500 holds – 1.20500 will be the magnet….
In my coming articles I will elaborate other currency pairs as well, as I can see some options that existing order might be broken and we might have some unusual behaviour of JPY, GBP and CHF.
So – Have a Great New Year , with lots of love, health , safety and moments of a happiness .
And what about money ??? Well, we’ll trade and give our best to secure that as well 😀
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