BIAS: BEARISH 🔻
TECHNICAL PROJECTION: BEARISH
On the H4, we have a bearish bias that price will potentially create the "E" wave to continue further bearish to 1.00 target to complete its "e wave" from the bearish descending triangle pattern.
FUNDAMENTAL PROJECTION: BEARISH
DXY STRENGTH: Market could be pricing further 75bps hike tightening to come & balance sheet reduction to continue at $60b & $35mbs over the three month timeframe.
+Anticipating a bearish breakout tomorrows NFP
EUR WEAKNESS: With the ECB Monetary Policy Meeting Accounts to be released today, it is likely to indicate further dovishness, reinforcing the current negative sentiment. Further downside is anticipated for the EURUSD as markets eye the parity level. Look for price to break below "B" & D" immediate support level before a strong move lower would be likely.
TECHNICAL PROJECTION: BEARISH
On the H4, we have a bearish bias that price will potentially create the "E" wave to continue further bearish to 1.00 target to complete its "e wave" from the bearish descending triangle pattern.
FUNDAMENTAL PROJECTION: BEARISH
DXY STRENGTH: Market could be pricing further 75bps hike tightening to come & balance sheet reduction to continue at $60b & $35mbs over the three month timeframe.
+Anticipating a bearish breakout tomorrows NFP
EUR WEAKNESS: With the ECB Monetary Policy Meeting Accounts to be released today, it is likely to indicate further dovishness, reinforcing the current negative sentiment. Further downside is anticipated for the EURUSD as markets eye the parity level. Look for price to break below "B" & D" immediate support level before a strong move lower would be likely.