EUR/USD Maintains Auction Area above 1.1000 Amidst Risk-On Mood
The #EURUSD pair is currently trading in a sideways trend above the critical support level of 1.1000. The US Dollar Index (DXY) is also looking vulnerable above 101.20, indicating a possible uptrend for #EURUSD.
Last week, the European Central Bank (ECB) announced an interest rate hike of 25 basis points (bps), and the ECB President, Christine Lagarde, kept the doors open for more interest rate hikes. This announcement has a comparatively more hawkish bias than the Federal Reserve (Fed).
The US Consumer Price Index (CPI) data, which is expected to release on Wednesday, is the focus for investors after the United States Nonfarm Payrolls (NFP) report. Annual headline CPI is expected to soften to 4.4%, while the core CPI is seen accelerating to 5.8%.
The #EURUSD pair has formed a Double Top chart pattern, which will get triggered only after slipping below the immediate support of May 02 low at 1.0942. However, the pair is showing signs of an upside momentum as the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range.
TRADE IDEA DETAILS
CURRENCY PAIR: #EURUSD
CURRENT TREND: Sideways
TRADE SIGNAL: ↗️Buy
👉ENTRY PRICE: 1.1035
✅TAKE PROFIT: 1.1185
❌STOP LOSS: 1.0942
#EURUSD #USCPI #ECB #InterestRateHike #DoubleTopChart #Inflation
Last week, the European Central Bank (ECB) announced an interest rate hike of 25 basis points (bps), and the ECB President, Christine Lagarde, kept the doors open for more interest rate hikes. This announcement has a comparatively more hawkish bias than the Federal Reserve (Fed).
The US Consumer Price Index (CPI) data, which is expected to release on Wednesday, is the focus for investors after the United States Nonfarm Payrolls (NFP) report. Annual headline CPI is expected to soften to 4.4%, while the core CPI is seen accelerating to 5.8%.
The #EURUSD pair has formed a Double Top chart pattern, which will get triggered only after slipping below the immediate support of May 02 low at 1.0942. However, the pair is showing signs of an upside momentum as the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range.
TRADE IDEA DETAILS
CURRENCY PAIR: #EURUSD
CURRENT TREND: Sideways
TRADE SIGNAL: ↗️Buy
👉ENTRY PRICE: 1.1035
✅TAKE PROFIT: 1.1185
❌STOP LOSS: 1.0942
#EURUSD #USCPI #ECB #InterestRateHike #DoubleTopChart #Inflation