Ellison EUR/USD Morning analysis 12/06
Updated
Continuing on from last week I am maintaining the forecast of buys from 1.076 and 1.079, expecting the temporary pullback phase on EU to continue a little higher. With sells expected at 1.084 or below 1.07.
The theme of last week was watching Dollar start to show some exhaustion at key price sensitivity area of 104.5. On the higher timeframe, the DXY is on a more bullish bias, but secondary phase pullbacks/corrections are not out of the ordinary. We already had a very nice bullish rally on DXY from 101 price to break above a 30-day range and print higher highs on the intraday and extending 3.5% to 104.5.
Last week US economic data was not as optimistic as expected, showing signs of a weakening US economy and feeling the pressure of a higher interest rate environment, coupled with macro inflation being elevated too.
This all translates to a temporary pullback structure on the EUR/USD pair.
Notable news this week:
Tuesday - US CPI
Wednesday - US PPI, FOMC interest rate decision
Thursday - ECB interest rate decision, US jobless claims
The theme of last week was watching Dollar start to show some exhaustion at key price sensitivity area of 104.5. On the higher timeframe, the DXY is on a more bullish bias, but secondary phase pullbacks/corrections are not out of the ordinary. We already had a very nice bullish rally on DXY from 101 price to break above a 30-day range and print higher highs on the intraday and extending 3.5% to 104.5.
Last week US economic data was not as optimistic as expected, showing signs of a weakening US economy and feeling the pressure of a higher interest rate environment, coupled with macro inflation being elevated too.
This all translates to a temporary pullback structure on the EUR/USD pair.
Notable news this week:
Tuesday - US CPI
Wednesday - US PPI, FOMC interest rate decision
Thursday - ECB interest rate decision, US jobless claims
Note
Note
Note
Looking for more buys. Would require a break of structure for me to enter again
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