FXDeskASRW
Long

EURUSD for a BUY! Bat Pattern

FX:EURUSD   Euro / U.S. Dollar
EURUSD LONG

With both the Fed and European Central Bank about to release their Minutes from their latest policy meetings this week, the market will be carefully watching to see whether the statement will hint to any rate cut that would add to the Fed’s 25-basis-point reduction in July or the ECB’s first easing in a long time. Markets are also awaiting Fed Chairman Jerome ‘Jay’ Powell’s speech at Jackson Hole Friday when he is expected to give guidance on whether a rate cut is likely in September. The prospect of further U.S. rate cuts has increased since the yield curve between two-year and 10-year notes inverted last Wednesday for the first time since 2007, signaling that a recession is likely in the next one to two years. The Fed said in July that further rate decreases might not be needed following its first cut in over a decade, but investors will be looking to see if Powell gives a different view considering recent market activity.

A harmonic bat pattern has formed, giving us room to move to the upside. We like EURUSD to go long, will be looking to reassess if bears manage to break support at 1.10200.

Good luck and Happy Trading!!


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Trading Foreign Exchange Currency Pairs (FX/Forex) and/or Contracts For Difference (CFDs) on margin carries a high level of risk to your capital. These derivatives may not be suitable for all investors. The information contained here is general in nature, provided without reference to your past, present or future financial situation. This information is general in nature and does not constitute advice or a recommendation to act upon the information or an offer.
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