Tuesday, 24 March 2015
EUR/USD rebounds on the Ides of March
After a year of the US Dollar rising in value against other currencies, including the Euro, it hit a peak on the Ides of March (well actually on Friday the 13th of March, the Ides being Sunday the 15th), from which it fell back strongly.
EUR/USD (as well as a basket of other currencies), acting inversely to the Dollar of course, rebounded from that auspicious date, but now reaches the peak of this upswing, from which it will undoubtedly fall back somewhat, but not to the bottom reached on the Ides of March. After that short downswing, we will see it emerge into an uptrend. The chart shows the 30-day moving average, which the price-graph now licks, indicating an end of the present upswing, which has been much stronger than other upswings during the year, indicating, I believe, the end of the downtrend.