EURUSD: EUR/USD broke through an important technical milestone i
Updated
The dollar remains generally in good shape. EUR/USD tested the 200-day moving average during yesterday's trading session before rising to the 1.0890 level.
Looking at the short-term trend, sellers are in control with prices still not coming close to testing the 100 hour moving average at 1.0916. The downtrend will still be maintained for now.
As rising Treasury yields help strengthen the dollar, the euro is also receiving support from the ECB's outlook review.
Going into this year, traders were convinced of the first rate cut in April but that possibility is now being priced at approximately 90%. This comes after opposition from ECB policymakers.
That means that while April is still on the table, it is likely that June or July would be a more reasonable option to satisfy the central bank's board of governors. Therefore, if traders lower their pricing on an interest rate cut in April, it will support the Euro at a balanced level.
Currently, sellers are still willing to try to maintain the bearish trend.
Looking at the short-term trend, sellers are in control with prices still not coming close to testing the 100 hour moving average at 1.0916. The downtrend will still be maintained for now.
As rising Treasury yields help strengthen the dollar, the euro is also receiving support from the ECB's outlook review.
Going into this year, traders were convinced of the first rate cut in April but that possibility is now being priced at approximately 90%. This comes after opposition from ECB policymakers.
That means that while April is still on the table, it is likely that June or July would be a more reasonable option to satisfy the central bank's board of governors. Therefore, if traders lower their pricing on an interest rate cut in April, it will support the Euro at a balanced level.
Currently, sellers are still willing to try to maintain the bearish trend.
Note
All are correct according to my technical analysis. If you entered the order according to my analysis, then congratulations
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