As the U.S. called a truce with China on the trade war, the dollar has begun to recover together with a technically oversold dollar.
EURUSD since peaking at 1.1410 has retraced close to 10 cents after the 2nd wave of bearish movement has begun early this morning.
Since the US-China trade war has temporary halted and while the market is still anticipating whether the Fed will cut rate this month or in September later this year, the dollar is most likely to recover further thus we will probably see EURUSD dip lower below 1.13.
For intraday trade, we can wait for the price to pull back from the current bearish trend and look for sell opportunity at 1.135 which is around the bottom of the previous consolidation.
EURUSD since peaking at 1.1410 has retraced close to 10 cents after the 2nd wave of bearish movement has begun early this morning.
Since the US-China trade war has temporary halted and while the market is still anticipating whether the Fed will cut rate this month or in September later this year, the dollar is most likely to recover further thus we will probably see EURUSD dip lower below 1.13.
For intraday trade, we can wait for the price to pull back from the current bearish trend and look for sell opportunity at 1.135 which is around the bottom of the previous consolidation.
