EURUSD: Continuing the 500 pips target strategy
Hello everyone, nice to meet you again to discuss and plan your EUR trading strategy today!
About impact news:
EUR/USD is oscillating in a narrow range near 1.0750 in Thursday's European morning. The pair consolidates hot US CPI data-led losses, as traders refrain from placing fresh bets ahead of the ECB policy announcements, US PPI data and Fedspeak.
Technically:
A descending triangle is gradually forming on the D1 chart, theoretically the price will quickly break the 1.0725 support and correct further.
In such a scenario, investors still lack motivation to push prices up again. Given the current trend, upside is possible, but it may not last long as resistance approaches 1.0805 (where the downside is limited). There is further evidence that once resistance is reached, it will continue its downward movement, as indicated by the unchanged EMA.
About impact news:
EUR/USD is oscillating in a narrow range near 1.0750 in Thursday's European morning. The pair consolidates hot US CPI data-led losses, as traders refrain from placing fresh bets ahead of the ECB policy announcements, US PPI data and Fedspeak.
Technically:
A descending triangle is gradually forming on the D1 chart, theoretically the price will quickly break the 1.0725 support and correct further.
In such a scenario, investors still lack motivation to push prices up again. Given the current trend, upside is possible, but it may not last long as resistance approaches 1.0805 (where the downside is limited). There is further evidence that once resistance is reached, it will continue its downward movement, as indicated by the unchanged EMA.
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