EURUSD is in bullish mode

The currency war has started. US started the ball rolling by injecting liquidity into the market. Just as the problem gambler that blames the casino for his losses, the US is blaming the world for its excessive spending.

The likelihood of further quantitative easing in US caused the US dollar to plunge in value. The EURUSD pierced through the 1.41 level on Friday before easing to 1.39 level.

The phase chart shows that EURUSD is currently in “Bullish” phase. The 50 day and 200 day moving made a golden cross on 4 Oct and the currency pair never looked back. Any pullback has been met with more buying as investors who missed the early moves placed their bets for further gains.

The next resistance for EURUSD is at 1.4216. Support is at 1.3300 level.