EUR/USD Insight

Hey, traders. Have you guys had good trade yesterday?
There was a big movement and we could have good chances.
Let's check the chart and what happened.

We can see
1. the descending channel has been kept
2. support on 0.97000 which is bottom of the descending channel

We should check
1. BoE Interest Rate Decision (Sep) - today
2. Fed Chair Powell Speaks - friday

We can expect
1. the price drops to 0.97000 which is bottom of the descending channel
2. the price goes up slowly by support on 0.97000

Fed showed their hawkish monetary policy yesterday and, 1.25% more to raise their interest rate.
Also, Russia-Ukraine war can be extended more thank we expected.
Those will press the Euro to downward.

Also, as we can see, the chart shows that Euro can be dropped more.
For now, I will keep my short position till Euro reaches 0.97000.
Let's see what happen.

Hope you guys have good trades and this insigh was helpful.
Thanks for reading.

Comment:

For now, It almost has been reached bottom price which we can have long position.

However, because of Fed's monetary policy and Russia-Ukraine war, extending descending channel is possible.

Also, we should think of Powell's speak today. Hope he makes a good news.