InvestMate|EUR/USD Euro is growing in strength
Updated
💶EUR/USD Euro is growing in strength
💶The euro is showing signs of strength in the current week. Is a correction in the downtrend getting ready?
💶Looking at the Unemployment rate in the Eurozone, it stands at 6.6%, the lowest on record.
💶Inflation is already close to 10% and on the 31st when there will be a flash year-on-year reading it is forecast to be 10.1%
💶Interest rates have been raised by 75 basis points and the market is betting on another 75 point hike to 2%. The decision will be made on Thursday 27 October.
💶The consumer sentiment index, which is off its lowest levels in years, has started to slowly rise and the market expects the positive trend to continue in the coming months. There will be another reading on 28 October.
💶💵Overseas, a very different situation.
💵Unemployment rate at low levels of 3.5%
I💵nflation has already been falling since June and the market assumes that the next reading on 10 November will maintain the downward trend
💵Interest rates are already at 3.25% and the market assumes another 75 point hike to 4%. The decision will take place on 2 November.
💵Consumer sentiment scored its bottom in June and we have been on an upward trend since that month.
💵Looking at the situation in the US with falling inflation further interest rate rises may not be so necessary anymore, looking at how strong the dollar is, I think the euro has more upside potential in the next months.
💵Moving to the chart
📈We can see that we have been in a downtrend since 7 January 2021
📈We are currently struggling at parity level and I think there is a good chance of defending it and breaking out on the upside.
📈Is there a chance to pass the range of the biggest correction in the downtrend, by measuring we come out with a target at the level of 1.01
📈This also coincides beautifully with the measurement of the last upward wave and forms a cluster with the previous measurement of the correction of 1:1
📈Since 28 September we have made a bottom and started a trend reversal. After making wave 1 and wave 2 it was time for wave 3.
📈By taking a position at this point and placing a stop under today's candle we arrive at a risk-reward ratio of 1.1
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
💶The euro is showing signs of strength in the current week. Is a correction in the downtrend getting ready?
💶Looking at the Unemployment rate in the Eurozone, it stands at 6.6%, the lowest on record.
💶Inflation is already close to 10% and on the 31st when there will be a flash year-on-year reading it is forecast to be 10.1%
💶Interest rates have been raised by 75 basis points and the market is betting on another 75 point hike to 2%. The decision will be made on Thursday 27 October.
💶The consumer sentiment index, which is off its lowest levels in years, has started to slowly rise and the market expects the positive trend to continue in the coming months. There will be another reading on 28 October.
💶💵Overseas, a very different situation.
💵Unemployment rate at low levels of 3.5%
I💵nflation has already been falling since June and the market assumes that the next reading on 10 November will maintain the downward trend
💵Interest rates are already at 3.25% and the market assumes another 75 point hike to 4%. The decision will take place on 2 November.
💵Consumer sentiment scored its bottom in June and we have been on an upward trend since that month.
💵Looking at the situation in the US with falling inflation further interest rate rises may not be so necessary anymore, looking at how strong the dollar is, I think the euro has more upside potential in the next months.
💵Moving to the chart
📈We can see that we have been in a downtrend since 7 January 2021
📈We are currently struggling at parity level and I think there is a good chance of defending it and breaking out on the upside.
📈Is there a chance to pass the range of the biggest correction in the downtrend, by measuring we come out with a target at the level of 1.01
📈This also coincides beautifully with the measurement of the last upward wave and forms a cluster with the previous measurement of the correction of 1:1
📈Since 28 September we have made a bottom and started a trend reversal. After making wave 1 and wave 2 it was time for wave 3.
📈By taking a position at this point and placing a stop under today's candle we arrive at a risk-reward ratio of 1.1
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Note
Thats what i likeNote
Time for correction 
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