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After a strong rebound on Friday, at the close of the week, many probably wondered: Is this the end of the downward movement in the euro?
In life, almost everything seems possible - and this option, of course, is not excluded.
However, such a conclusion is clearly premature.
We can clearly see the movement down the euro on a weekly scale.
In the event of a reversal, we should see a reversal pattern of the daily scale - for example, a new approach to a minimum of 1.0778 - and then a break above Friday's maximum of 1.0863 and a consolidation above.
Meanwhile, the euro's rebound upward looks like a normal correction to the green line of the "William Alligator" on the daily chart - see the chart above.
From a foundation point of view, a new wave of negative coronavirus is pushing the euro down. In addition, the repercussion in the German economy has not gone away.
We are waiting for a new wave of the fall of the euro, we keep sales from 1.0990 and sell from 1.0860 or higher.
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