Hey Traders, in today's trading session we are monitoring EURUSD for a selling opportunity around the 1.14900 zone. EURUSD is trading in a downtrend and currently is in a correction phase in which price is approaching the trendline resistance around the 1.14900 support and resistance area.
From the macro side, the US Dollar remains strongly supported by safe-haven demand, posting its strongest monthly gain since July as Middle East tensions continue to fuel recession fears and keep investors positioned defensively in cash. This broad USD strength remains a key bearish driver for EURUSD.
At the same time, the Euro remains under pressure from the energy shock across Europe, as surging oil prices raise inflation while simultaneously worsening growth expectations for the eurozone economy. This stagflationary pressure is negative for the single currency and continues to favor downside continuation in EURUSD.
As long as price remains below the 1.14900 resistance zone, the bearish market structure remains valid, and we anticipate a continuation move toward lower support levels.
Trade safe,
Joe
From the macro side, the US Dollar remains strongly supported by safe-haven demand, posting its strongest monthly gain since July as Middle East tensions continue to fuel recession fears and keep investors positioned defensively in cash. This broad USD strength remains a key bearish driver for EURUSD.
At the same time, the Euro remains under pressure from the energy shock across Europe, as surging oil prices raise inflation while simultaneously worsening growth expectations for the eurozone economy. This stagflationary pressure is negative for the single currency and continues to favor downside continuation in EURUSD.
As long as price remains below the 1.14900 resistance zone, the bearish market structure remains valid, and we anticipate a continuation move toward lower support levels.
Trade safe,
Joe
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Free Telegram Group:
t.me/+0LGgMsgX9TViOGZk
The 1% Traders Club:
t.me/+dMaf68BK5c5hZDA8
t.me/+0LGgMsgX9TViOGZk
The 1% Traders Club:
t.me/+dMaf68BK5c5hZDA8
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.