EURUSD → Consolidation before distribution. Target 1.100
Updated
EURUSD is forming a wedge, the nature of the pattern is consolidation. FOMC & FED meeting is ahead. The main issue is inflation and interest rate cuts. What should we expect?
100% probability that today the rate will remain unchanged, but Powell at the meeting may signal a Fed rate cut in the coming months amid slowing labor market growth. Eurozone consumer inflation fell from +0.2 to 0% (expected -0.3%) and core CPI rose by 0.1 to +2.9%, suggesting a generally improving environment for a stronger EUR.
Technically, the bulls are trying to hold the area of 1.08. A descending wedge is forming on the chart, another retest, if the fundamental background persists, may lead to a break of resistance. In this case, the market may move into the distribution phase, within which it is able to update the local maximum.
Resistance levels: 1.0852
Support levels: 1.08
Traders are in no hurry to act prematurely and will wait for the Fed and FOMC meeting. Technically everything is favorable to start the growth. Potential target is 1.100
Rate, share your opinion and questions, let's discuss what's going on with ★EURUSD ;)
Regards R. Linda!
Trade active
A retest of the wedge resistance is formedTrade closed: target reached
Target 1 reached!Trade closed: target reached
All targets reached!
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