As we continue to follow EUR/USD, we closed some positions in profit as the pair is in a consolidation phase. The pair is currently trading around 1.096, trying to break that minor support. As long as the price is following its bullish trend line on the higher timeframes, it remains bullish although it is looking pretty weak with low volume.
Technical Landscape:
EUR/USD's current trajectory is still looking bullish, with the support zone lying around 1.095, as the major trendline is providing a solid foundation for the pair’s upward momentum. However, for the pair to confirm it bullish trend we will need to see a breach of the 1.0985 resistance.
Market Context:
The market is still processing the higher CPI numbers, add to that today’s PPI numbers which will give us the full picture of market’s trajectory.
Strategic Stance:
In alignment with a bullish outlook, we’re on the lookout for entry points post-pullbacks. Our attention remains on the trend line, which if respected will indicate strength following a push to the upside. Also, keeping an eye on the PPI numbers coming out today.
Technical Landscape:
EUR/USD's current trajectory is still looking bullish, with the support zone lying around 1.095, as the major trendline is providing a solid foundation for the pair’s upward momentum. However, for the pair to confirm it bullish trend we will need to see a breach of the 1.0985 resistance.
Market Context:
The market is still processing the higher CPI numbers, add to that today’s PPI numbers which will give us the full picture of market’s trajectory.
Strategic Stance:
In alignment with a bullish outlook, we’re on the lookout for entry points post-pullbacks. Our attention remains on the trend line, which if respected will indicate strength following a push to the upside. Also, keeping an eye on the PPI numbers coming out today.