EUR/USD catching its breathe
Uppdaterad
The Euro had a nice swing downwards to the 1.22 area. Good pips for anyone who hopped aboard. I'd take profits and watch for price to indicate what to do next. We could see a firm bounce from this area or a break and run to 1.126 trendline area.
I marked the last time price was in this area. We can use this price action to determine the likely outcome of what price will do this time as well. We see a big red candle going down to the area followed by two indecision candles and an explosion of green up to 1.25. I expect price to do something similar but not quite reach the 1.25 area again. The 1.35 area is more likely as we don't have much in the way of the fundamentals coming out this week besides the CPI flash estimate for the EUR which shouldn't have too much of an impact. I expect the southward dip to continue.
BUT as this is a free-flowing market, anything can happen at any time. Let price determine its direction and hop aboard.
As always do your own Due diligence, don't trade blindly, Keep Calm and Forex.
I marked the last time price was in this area. We can use this price action to determine the likely outcome of what price will do this time as well. We see a big red candle going down to the area followed by two indecision candles and an explosion of green up to 1.25. I expect price to do something similar but not quite reach the 1.25 area again. The 1.35 area is more likely as we don't have much in the way of the fundamentals coming out this week besides the CPI flash estimate for the EUR which shouldn't have too much of an impact. I expect the southward dip to continue.
BUT as this is a free-flowing market, anything can happen at any time. Let price determine its direction and hop aboard.
As always do your own Due diligence, don't trade blindly, Keep Calm and Forex.
Kommentera
The pair moved sharply lower touching the 1.26 briefly before reversing sharply. We are watching a bullish bar pattern forming. The Eur/usd pair and the DXY index have a high opposite correlation going on at the moment. Keep that in mind. Trade safe, Keep Calm and Forex.
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