€ - Where To Next?
$EUR - BUY THE DIP?!
As from my previous posts via trading view can be seen I was very bullish medium term hitting the target areas are currently at. However, lets take a bird eyes view of EUR!
EUR currently at key resistance on Monthly - 1.03. Price may decline back towards support areas of 1.02/1.01 areas before heading higher IF we get out of this downwards channel drawn. Now let's not forget those that are into candle stick formation - you will start to enjoy looking at the major FX charts at higher TF.
Above 8 EMA - 1.07 - 1.11 can easily be achieved.
Fundamentally:
Fundamentally strong about the EUR apart from lower print of CPI and the market had got very excited. Shorter term I'd be looking for pull back towards support areas stated above. Medium term if Fed pivot dovish less rate hikes as high, expect euro to escalate higher.
The energy bet has been reversed, take a look at Nat Gas price is very lower and the capacity of energy reserved is at a level which there is nothing to be feared about, at this moment of time.
Don't forget now that inflation spreads widen EUR - USD - it leaves a potential more hawkish ECB relative to Fed which again was stated in previous chart posted. Now of course the Fed could pivot and turn hawkish but I am doubtful on that and we could go into other factors such as seasonality and positioning.
In my opinion trade what you see, not what you think and don't forget to get a greater R/R.
All the best,
Trade Journal
$EUR - BUY THE DIP?!
As from my previous posts via trading view can be seen I was very bullish medium term hitting the target areas are currently at. However, lets take a bird eyes view of EUR!
EUR currently at key resistance on Monthly - 1.03. Price may decline back towards support areas of 1.02/1.01 areas before heading higher IF we get out of this downwards channel drawn. Now let's not forget those that are into candle stick formation - you will start to enjoy looking at the major FX charts at higher TF.
Above 8 EMA - 1.07 - 1.11 can easily be achieved.
Fundamentally:
Fundamentally strong about the EUR apart from lower print of CPI and the market had got very excited. Shorter term I'd be looking for pull back towards support areas stated above. Medium term if Fed pivot dovish less rate hikes as high, expect euro to escalate higher.
The energy bet has been reversed, take a look at Nat Gas price is very lower and the capacity of energy reserved is at a level which there is nothing to be feared about, at this moment of time.
Don't forget now that inflation spreads widen EUR - USD - it leaves a potential more hawkish ECB relative to Fed which again was stated in previous chart posted. Now of course the Fed could pivot and turn hawkish but I am doubtful on that and we could go into other factors such as seasonality and positioning.
In my opinion trade what you see, not what you think and don't forget to get a greater R/R.
All the best,
Trade Journal
Comment:
The FED minutes - 1.04
Comment:
Break above this level 1.06 however pull back is due and its key resistance area! Low Volume expected US holiday - thanks giving!