As we continue to monitor EUR/USD, the pair's movements reflect a cautious optimism. Recent sessions have seen the currency touching the 1.0930 resistance, a Fibonacci retracement level from its high, suggesting a potential bullish reversal in the making as this whole week it has been moving downwards.
Technical Landscape:
EUR/USD's current trajectory is testing pivotal resistance, with the 1.093 support zone, enriched by Fibonacci levels, providing a solid foundation for the pair’s upward momentum. A sustained breach of the 1.0950 mark could signal the start of a bullish leg, perhaps echoing GBP/USD's recent rally.
Market Context:
The market is still processing the Fed's hold on rate hikes, mirrored in the pair's technical resilience. This week’s building permits came out as expected, yesterday’s consumer confidence data came in green, followed by today’s GDP release, will be closely scrutinized for potential impact.
Strategic Stance:
In alignment with a bullish outlook, we’re on the lookout for entry points post-pullbacks. The overarching sentiment is buoyed by the Fed's rate pause and the recent dovish signals, setting a favorable stage for long positions. Our attention remains on the 1.095 level, as breaks or bounces from these points will likely shape the near-term trend narrative.
Technical Landscape:
EUR/USD's current trajectory is testing pivotal resistance, with the 1.093 support zone, enriched by Fibonacci levels, providing a solid foundation for the pair’s upward momentum. A sustained breach of the 1.0950 mark could signal the start of a bullish leg, perhaps echoing GBP/USD's recent rally.
Market Context:
The market is still processing the Fed's hold on rate hikes, mirrored in the pair's technical resilience. This week’s building permits came out as expected, yesterday’s consumer confidence data came in green, followed by today’s GDP release, will be closely scrutinized for potential impact.
Strategic Stance:
In alignment with a bullish outlook, we’re on the lookout for entry points post-pullbacks. The overarching sentiment is buoyed by the Fed's rate pause and the recent dovish signals, setting a favorable stage for long positions. Our attention remains on the 1.095 level, as breaks or bounces from these points will likely shape the near-term trend narrative.
Trade active:
We entered the trade around 1.096 as the buy volume spiked and we saw a break of resistance on the 15 minute timeframe. We trail stopped the trade, took profits on the way up and we are still holding on to part of the trade, letting our winner run.