EURUSD Bullish Towards 1.1880 Heading into ECB

⭐️Key Takeaways⭐️

✔️ ECB on tap this morning
✔️ SPX turns bullish adding weakness to the dollar
✔️ XAUUSD maintains it's bullish strength - adding further weakness to the dollar
✔️ Yesterday JOLTs Job Openings (Jul) better than expected

⭐️Market Sentiment⭐️

Yesterday the JOLTs Job Openings for the month of July came in better than expectations at 6.618M. Street estimate was for 6.000M. Following the report the equity market went into risk-on mode adding a gain of 2.01%.

This morning EURUSD is gaining strength heading into the ECB meeting.

⭐️Technical Analysis⭐️

EURUSD finally decided to hold above the 1.18 handle and ever since has been gaining strength with the next upside resistance target around 1.1864 - 1.1880. As illustrated with the yellow trend-lines, you can see how I determined the next upside target by monitoring the wave consistency pattern. Should this pair decide to loose it's bullish strength, first downside target should remain at 1.18. A further break below that level should open up the 1.1750 pivot area before a final breakdown towards 1.1720 - 1.1700

Regards,
Michael Harding

RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.