Technical evidence suggests that EUR-USD in on the cusp of the next big leg down. However, 1.4711 to 1.4732 must hold as resistance for this evidence to remain strong. S&P 500 has some short term bullish divergence and the US equity market put/call ratio is showing extreme bearishness again so a bounce is due. The bigger trend is down. Resilient bonds may be in line for another short term rally.
HSBC Global Research