EUR/USD teetering within rising wedge as ECB rate cut bets mount
EUR/USD sits in a rising wedge pattern with the price now testing support. With momentum indicators such as MACD and RSI (14) threatening to rollover, traders should be on alert for a potential downside break.
If we get one, you could sell with a tight stop above 1.1140 targeting a move down to 1.1075 or 1.1045.
While we are nearing quarter-end where price signals can become distorted, from a fundamental perspective, euro area economic data continues to deteriorate which has seen markets move towards pricing two full 25 basis point rate cuts from the ECB by the end of the year.
Good luck!
DS
If we get one, you could sell with a tight stop above 1.1140 targeting a move down to 1.1075 or 1.1045.
While we are nearing quarter-end where price signals can become distorted, from a fundamental perspective, euro area economic data continues to deteriorate which has seen markets move towards pricing two full 25 basis point rate cuts from the ECB by the end of the year.
Good luck!
DS
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