EurUsd retraces đź“Ž / CPI Data as catalyst
Updated
Eurusd retraced 100 Pips today with Infaltion data as the catalyst for a continuation of higher timeframe momentum.
How Surprised can we be of a move to the downside with the Weekly/Monthly timeframes doing just that for the last 3 months.
The news release was stronger than what was expected for the USD. Inflation is increasing at a faster rate than expected. Let's buy the USD as a safe haven given these uncertain and troubled times..
Technicals : Large Bearish candle just printed on the Daily timeframe. The next Daily candle will likely have a bottom wick and is why it is still reasonable to look for a continuation play. That said, with the anticipated London session volume, we may expect a pullback to 1.054 weekly level or 1.056 before observng more bearish movement on Eurusd
How Surprised can we be of a move to the downside with the Weekly/Monthly timeframes doing just that for the last 3 months.
The news release was stronger than what was expected for the USD. Inflation is increasing at a faster rate than expected. Let's buy the USD as a safe haven given these uncertain and troubled times..
Technicals : Large Bearish candle just printed on the Daily timeframe. The next Daily candle will likely have a bottom wick and is why it is still reasonable to look for a continuation play. That said, with the anticipated London session volume, we may expect a pullback to 1.054 weekly level or 1.056 before observng more bearish movement on Eurusd
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