Ever since the price action printed in 2019, the structurally bullish dynamics in the EUR/USD have improved by finally finding a resolution away from its multi-month saturated range, and so far, what what the correction back down has achieved is, all else equal, offer a fairly attractive discounting price to engage in a potential buyside action campaign in what some may consider, as me, a low risk entry for at least a retest of 1.1450.
This view is predicated on the basis that the German vs US yield spread, from a macro perspective, continues to exhibit a bullish divergence. Besides, the push up through 1.15 validating a new cycle up came amid an impulsive move with a greater extension in magnitude relative to the prior extension up. What’s more, the price is now retesting the area with the highest accumulation of volume (POC) during the Nov-Dec confined range.