FED vs ECB - Soft Landing As of today Thursday, December 14, 2023- ECB ( European Central Bank ) at 14:00 PM ( Budapest Time GMT+1 ) will disclouse their interest rate decision in the following categories.
11:00 EUR EU Leaders Summit
14:15 EUR Deposit Facility Rate (Dec)
14:15 EUR ECB Marginal Lending Facility
14:15 EUR ECB Monetary Policy Statement
14:15 EUR ECB Interest Rate Decision (Dec)
Over the last 2Mto 1M , depending on the data frequency, such as weekly or montly we have observed that, generally speaking, inflation is under control in the Eurozone. Therefore, any further rate hikes from the ECB are absolutely unnecessary and would cause serious issues in the Italian and German economies.
Even though a rate hike would cause an immediate surge in EUR/USD, which is certainly in my interest since I hold a long position, in the case of a rate hike, I would close it nearly immediately.
I expect that today the ECB will keep interest rates unchanged to allow time for the effects of their previous measures to fully transmit into the economy
Ecb
EUR/USD Daily Chart Analysis For Week of Dec 29, 2023Technical Analysis and Outlook:
The Eurodollar has experienced a notable price jump during this week's trading session, surpassing our Inner Currency Rally level of 1.109. The current price movement indicates that the Eurodollar will likely decline to the newly established Mean Support of 1.100 and potentially to the Mean Support of 1.094. On the other hand, the Eurodollar will inevitably rise to retest Mean Resistance 1.113.
Euro jumps to 5-month highThe euro has posted strong gains on Wednesday. In the North American session, EUR/USD is trading at 1.1121, up 0.72%.
The US dollar is under pressure this week as we're seeing a risk-on mood in global markets. The week between Christmas and New Year's is normally quiet, with a very light data calendar. However, investors are anticipating the Federal Reserve to cut rates early next year and this sentiment has sent equity markets higher while weighing on the US dollar. The euro is powering higher, with gains of 2.1% in December and 2.9% in November against the retreating US dollar.
Federal Chair Powell surprised the markets when he pencilled in three rate cuts for next year. Investors had braced themselves for Powell to push back against rate cut expectations, a script he has followed for months. This time, however, Powell jumped on the bandwagon although Fed members have since urged the markets to tamper their expectations of up to six rate cuts next year. The markets have priced in an initial rate cut in March, with over 150 basis points in cuts for all of 2024 according to the CME's FedWatch tool.
There is a similar disconnect between the markets and the European Central Bank. The markets are looking at six rate cuts next year, perhaps as early as March, while the ECB has tried to dampen these expectations. ECB President Lagarde stated last week that members had not discussed a rate cut at the December meeting, at which the central bank held the cash rate at 4.0% for a second straight time. I expect that markets in both the US and Europe will remain much more bullish about rate cuts than the central banks.
It's a light data calendar between Christmas and New Year's in the US. The Richmond Manufacturing Index decelerated to -11 today, down from -5 in November and missing the market consensus of -6. On Thursday, unemployment claims are expected to drop to 205,000, down from 210,000 a week earlier.
EUR/USD is testing resistance at 1.1072. Above, there is resistance at 1.1130
1.0982 and 1.0924 is providing support
EUR/USD Daily Chart Analysis For Week of Dec 22, 2023Technical Analysis and Outlook:
The Eurodollar has shown significant price movements throughout this week's trading session by surpassing our previously achieved Inner Currency Rally level of 1.099 and its corresponding resistance at the same price point. The current price action suggests that the Eurodollar will likely continue to climb, with the target level set at Inner Currency Rally 1.109. However, it is essential to stay alert to the ever-changing dynamics of the Eurodollar market, as the price action may experience a drawdown.
FX Price Action Ahead on Growing Rate DivergenceLast week was busy for major central banks. During a 60-hour window, rates were set for 60% of the global economy, from the US Fed, the ECB, to the BoE.
Central banks’ announcements caused a frenzy in markets. The pivot to a dovish stance by the US Fed contrasted sharply with hawkishness from the ECB.
This paper summarizes rate announcements and their market impact. It also dives into Yen dynamics as the Bank of Japan (BoJ) meets tomorrow.
CAUTION FX TRADERS: GROWING RATE DIVERGENCE AHEAD
Renewed divergence in monetary policies was evident from rate announcements by the major central banks. After more than a year of moving in tandem, central banks’ stances are shifting. The Fed is signaling rate cuts sooner. Meanwhile, ECB and BoE insist that rates need to stay higher for longer to fight sticky inflation.
As interest rates in the US remain elevated relative to other major economies, the Fed has ample room to slash sooner.
Inflation in the EU has contracted at a rapid clip relative to the US. However, economists expect EU inflation to rebound in the near term with fading base-level effects.
Inflation in the US is expected to average 2.4% in 2024 compared to 2.7% in the EU and 3.75% in the UK, as per respective central banks.
The US economy is strong with robust economic growth, resilient consumer spending, and solid PMI numbers.
FED HAS PIVOTED TO DOVISHNESS
The FOMC opted to keep rates steady with their statement pointing to the end of the rate hiking cycle. Most notable was the Fed’s updated economic projections & dot plot. It showed faster-declining inflation, slower GDP growth, and faster rate cuts.
The Fed’s dot plot of rate expectations guided towards three 25 basis point (bps) cuts next year. Markets were expecting five rate cuts before the Fed announcement. Following the Fed meeting, markets now anticipate six rate cuts.
BOE REMAINS HAWKISH
The Bank of England opted to keep rates steady with a hawkish pause. The BoE statement indicates further rate hikes if inflationary pressures remain persistent.
“The full effect of higher interest rates has yet to come through, posing ongoing challenges to households, businesses and governments," ~ BoE Market Policy Committee
ECB JOINED THE BOE WITH A HAWKISH PAUSE
ECB decided to keep rates steady with a hawkish pause. ECB President Christine Lagarde asserted that rate cuts were not being discussed yet and rates may even need to go higher to bring inflation under control.
ECB noted that tighter financing conditions were leading to demand contraction, which weighed on pushing down inflation. Economic growth is expected to remain subdued. ECB estimates gradual ramp up in growth from 0.6% for 2023 to 0.8% for 2024, and to 1.5% for both 2025 and 2026.
BOJ DECISION IS MOST UNCERTAIN WITH A THORNY JOB ON HAND
The Bank of Japan (BoJ) is set to announce their rate decision on December 19th. It has maintained ultra-low interest rates all year while others hiked aggressively.
Recent statements by BoJ Governor Ueda signal a pivot away from the ultra-low policy.
"Managing monetary policy will become even more challenging from the end of the year and heading into next year." ~ Kazuo Ueda, Governor, Bank of Japan on 6/Dec
Governor Ueda’s statements have led to market expectation of upcoming monetary tightening in Japan. JPY has strengthened 6% relative to the USD over the last month.
Despite Ueda’s statements, BoJ pivot remains uncertain. Inflation in Japan is running hot and above US inflation. Moreover, wage growth and economic growth in Japan have been moderate despite high inflation creating stagflation risks.
Consumer spending and wage growth remain muted despite record profits. Feeble Yen is boosting Japanese exporter profits.
Nevertheless, the BoJ has been setting up a change in monetary policy. Earlier this year, it raised the cap on JGB yields and eventually changed the cap from a rigid limit to a loose reference. Some economists consider this a prelude to eventual scrapping of the YCC altogether.
CENTRAL BANK DECISIONS HAVE CREATED DEEP RIPPLES ACROSS MARKETS
Commodity markets reacted positively to the rate announcements. The Fed’s signal of upcoming easing opened the door for commodity demand to rise.
Precious metals are likely to benefit from asset rotation out of US treasuries while Crude will benefit from higher economic activity from lower interest rates.
Equities surged on Fed pivot. Small-caps and Mid-caps outperformed the Nasdaq-100 and S&P 500. Both SPX and NDX also extended gains.
Bond yields fell sharply following the FOMC decision. Yields fell to their lowest level in four months. One-year bond yields performed the best while thirty-year performed the worst.
LEVERAGED FUNDS ARE BULLISH EURO, STERLING, AND BEARISH YEN
Asset managers and leveraged funds are net long on Euro FX futures. Asset managers and leveraged funds are net short on Yen and Pound futures but have reduced net short positioning over the past few weeks.
HYPOTHETICAL TRADE SETUP
The Fed’s dovish stance plus the hawkishness of European central banks will result in dollar weakness relative to Euro and Sterling. Upside risks to the dollar persist with stronger economic data and inflation resurgence forcing the Fed to reassess its stance.
To gain from the weakening of the dollar against the euro and sterling, investors can buy into CME Micro FX Euro and GBP futures. A long sterling provides higher upside than long euro given higher inflation in the UK.
Policy uncertainty in Japan is unlikely to usher in a pivot in the short-term. The JPY is likely to weaken against the dollar despite DXY weakness. To harness gains from weakening Yen, investors can establish a long position in CME Micro JPY Futures.
Hypothetical Trade 1 & 2: Long EUR and GBP
Entry: 1.0960
Target: 1.1150
Stop Loss: 1.0860
Profit at Target: USD 238 (= 1.1500 - 1.0960 = 190 pips = 190 x 1.25)
Loss at Stop: USD 125 (= 1.0860 – 1.0960 = -100 pips = -100 x 1.25)
Reward-Risk: 1.9x
Entry: 1.2720
Target: 1.3120
Stop Loss: 1.2490
Profit at Target: USD 250 (= 1.3120 - 1.2720 = 400 pips = 400 x 0.625)
Loss at Stop: USD 144 (= 1.2490 – 1.2720 = -230 pips = 230 x 0.625)
Reward-Risk: 1.75x
Hypothetical Trade 2: Short JPY
Entry: 139.57
Target: 146.28
Stop Loss: 137.97
Profit at Target: JPY 67,100 (= 146.28 - 139.57 = 671 pips = 671 x 100)
Loss at Stop: JPY 16,000 (=137.97 – 139.57 = 160 pips = 160 x 100)
Reward-Risk: 4.2x
MARKET DATA
CME Real-time Market Data helps identify trading set-ups and express market views better. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
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EUR/USD Daily Chart Analysis For Week of Dec 15, 2023Technical Analysis and Outlook:
The Eurodollar currency pair has shown a strong rebound in the recent trading session, climbing to reach our previously identified Inner Currency Rally level of 1.099. However, this was followed by a sharp reversal, with the price dropping rapidly. The current price action indicates that the Eurodollar is likely to continue on a downward trend, with the designated target levels being Mean Sup 1.075 and Inner Currency Dip of 1.068.
Overall, it's crucial to stay vigilant and informed about the ever-changing dynamics of the Eurodollar market to make the most of the opportunities it presents.
Euro dips on soft Services PMIsThe euro has snapped a four-day winning streak on Friday. In the European session, EUR/USD is trading at 1.0949, down 0.38%. The euro has enjoyed a strong week, with gains of 1.77%.
Eurozone Services PMI eased in December, indicating that the economy continues to struggle. The PMI fell from 48.7 to 48.1 and missed the consensus estimate of 49.0. This marked a fifth straight month of contraction in the services sector, with 50 separating contraction from expansion. Germany, the largest economy in the eurozone, also reported a decline, with the PMI falling to 48.4, down from 49.6 in November and short of the consensus estimate of 49.8.
The European Central Bank held the benchmark rate at 4.0% for a second straight time on Thursday. This move was expected, but the central bank pushed back against market expectations for interest rate cuts next year, sending the euro soaring 1.09% against the US dollar after the announcement.
ECB President Christine Lagarde reaffirmed that the Bank would continue its "higher for longer" stance, saying that the Bank was not about to let down its guard and lower rates. Lagarde sounded hawkish even though the ECB lowered its inflation forecast at the meeting. Inflation has fallen to 2.4% in the eurozone, within striking distance of the 2% target. Lagarde acknowledged that inflation was easing but said that domestic inflation was "not budging", largely due to wage growth.
There is a deep disconnect between the markets and the ECB with regard to rate policy. ECB President Lagarde poured cold water on expectations for rate hikes, arguing that inflation had not been beaten. The markets are marching to a very different tune and have priced in at least in around six rate cuts in 2024 and are confident that Lagarde will have to change her stance, with inflation falling and the eurozone economy likely in recession.
EUR/USD is testing support at 1.0957. Below, there is support at 1.0905
1.1044 and 1.1096 are the next resistance lines
Post ECB AnalysisOvernight, the ECB remained cautious, stating that while the inflation path is lower than before, the ECB should not lower its guard.
Keeping rates on hold at 4.50%, President Lagarde indicated that the ECB did not discuss rate cut scenarios.
The EURUSD traded higher following the news, with price trading within the 1.10 resistance area.
Technicals
Price trades at 1.10 resistance & 61.8% fib retracement level and if price continues to trade higher, beyond this resistance, the next major resistance level is at 1.1270
Euro climbs to two-week high as ECB meeting loomsThe euro has extended its gains in Thursday trading. In the European session, EUR/USD is trading at 1.0925, up 0.45%. It has been a good week for the euro, which has climbed 1.5% against the US dollar.
The European Central Bank meets later on Wednesday and is widely expected to hold rates at 4.0% for a second straight time. The markets will be focusing on the rate statement and ECB President Lagarde's post-meeting remarks. Lagarde has been hawkish, stressing the need to maintain rates in restrictive territory for a prolonged period - "higher for longer".
The markets are more dovish and have priced in six rate cuts for 2024, with a first cut as early as the spring. The economic landscape in the eurozone could support the market's view. Inflation has fallen sharply and is at 2.4%, within striking distance of the Bank's 2% target. The economy has cooled due to high interest rates and a recession remains a possibility.
Will Lagarde push back against market expectations of rate cuts? Or will she set a more dovish stance and avoid ruling out rate cuts? The tone of the rate statement and Lagarde's comments could have a strong effect on the movement of the euro today.
The Federal Reserve maintained the benchmark rate at a target range of 5.25%- 5.50% for a third straight time. That was not a surprise but Fed Chair Powell provided plenty of drama as he pivoted from his usual hawkish rhetoric. There had been expectations that Powell would push back against growing speculation that the Fed would trim rates in 2024. Powell not only failed to push back, he signalled that the Fed expected to cut rates three times next year.
Powell's dovish message sent equities flying higher and the US dollar tumbling. Just two weeks ago, Powell said it would be "premature" to speculate about the timing of rate cuts and that the door was still open to further hikes. There is still a deep disconnect between the markets and the Fed, as the markets have now priced in six rate cuts in 2024.
There is resistance at 1.0964 and 1.1033
1.0862 and 1.0793 are providing support
Trading this week's fundamental events The market's attention will be fixed on the Federal Reserve's final policy meeting of 2023 scheduled for this Wednesday, with the expectation that the US will maintain interest rates at a 22-year high.
Investors will have an opportunity to scrutinize the Fed's statement and Chair Jerome Powell's press conference for any indications of potential rate cuts in 2024 (or lack thereof).
One day prior to the Feds decision, the US is also poised to unveil essential inflation data. Forecasts suggest a marginal uptick of 0.1% in November consumer prices.
Turning attention to Europe, traders will focus on rate decisions from the European Central Bank (ECB) and the Bank of England (BoE), both occurring on Thursday.
The BoE is predicted to maintain borrowing costs at a 15-year high while reiterating the necessity for elevated rates. Any commentary from the bank deviating from this outlook could potentially cause ripples in the market.
Eurozone inflation dropped to 2.4% last month, down from over 10% a year earlier, following ten consecutive rate hikes. This decline brings the ECB's 2% inflation target into view and makes a further rate increase unlikely. Goldman Sachs has forecasted that the European Central Bank's meeting in April will mark the initiation of its first rate cut, followed by a 25 basis points cut at each subsequent meeting throughout the year.
EUR/USD Daily Chart Analysis For Week of Dec 8, 2023Technical Analysis and Outlook:
Last week's completion of our Inner Currency Rally of 1.099 continued to drop to strategic Mean Sup 1.084 and is on its way to a significant Mean Sup 1.067 and Inner Currency Dip 1.068 outcome. The current price action suggests a rebound from the letter prices to the designated target Mean Res 1.080. Overall, it is essential to closely monitor the Eurodollar market trend and take appropriate measures within critical price action of the support/resistance and dip result.
EUR/USD Daily Chart Analysis For Week of Dec 1, 2023Technical Analysis and Outlook:
After completing our designated Inner Currency Rally 1.099 target this week's session, the Eurodollar performed as flagged in our EUR/USD Daily Chart Analysis for Nov 24 by dropping it to a primary pivotal squeeze to Mean Sup 1.087. The current price action suggests a dead-cat bounce to Mean Res 1.092 with a potential rise to retest the completed Inner Currency Rally 1.099 with a follow-through squeeze.
EUR/USD drops ahead of eurozone CPIThe euro is in negative territory in Thursday trade. In the European session, EUR/USD is trading at 1.0940, down 0.27%.
Germany's inflation rate declined sharply in November and the eurozone is up next, with the November inflation report later today. German inflation dropped to 3.2% y/y in November, down from 3.8% in October and below expectations. This was the lowest inflation rate since June 2021 and was driven by lower food and energy inflation.
Will eurozone inflation follow suit? The markets are expecting a modest decline for November. Headline inflation is expected to fall to 2.7%, down from 2.9% in October, and the core is expected to ease to 3.9%, down from 4.2% in October. If inflation falls modestly as expected, it is unlikely to cause the ECB to reconsider its rate policy. The markets have priced in a rate cut in May 2024 and a softer-than-expected print would likely result in the odds of a rate cut being brought forward.
The ECB has signalled a 'higher for longer policy', as have the Federal Reserve and other major central banks. Even though inflation has been dropping, it remains considerably higher than the ECB's 2% target and the central bank hasn't given any indications of a rate cut. Investors will be looking for hints about rate policy from ECB President Christine Lagarde, who will speak today at an ECB forum in Frankfurt after the eurozone inflation release.
In the US, second-estimate GDP for the third quarter was revised to 5.2%, up from the initial estimate of 4.9%. The strong reading should ease fears of a recession but also provides the Fed with little reason to trim rates while inflation remains well above the 2% target. The Fed has signalled a 'higher for longer' stance on rates but the markets are more dovish and have priced in a rate hike in March 2024 at 45%, according to the CME's FedWatch tool.
EUR/USD is putting pressure on support at 1.0920. Below, there is support at 1.0873
1.0986 and 1.1033 are the next resistance lines
EUR/USD dips as German inflation declinesThe euro is showing limited movement on Wednesday. In the North American session, EUR/USD is trading at 1.0984, down 0.11%.
Gerrmany's inflation rate dropped more than expected, coming in at 3.2% y/y in November. This was down considerably from 3.8% in October and below the market consensus of 3.5%. This was the lowest inflation rate since June 2021 and was driven by lower food and energy inflation. Services inflation eased to 3.4%, down from 3.9%. Core inflation dropped to 3.8%, down from 4.3% in October.
There's a lot to like in this inflation print and ECB policy makers will no doubt be pleased as German inflation continues to fall. The next text is on Thursday, with the release of eurozone inflation for November. Headline inflation is expected to fall to 2.7%, down from 2.9%, and the core is expected to ease to 3.9%, down from 4.2%.
The ECB has signalled a 'higher for longer policy', as have the Federal Reserve and other major central banks. Even though inflation has been dropping, it remains higher than the ECB's 2% target, and the central bank hasn't given any indications of a rate cut. The markets are more dovish and have priced in a rate cut as early as May. If eurozone CPI follows the German release and declines more than expected, we could see the odds of a rate cut brought forward ahead of May.
The US economy provided another reminder today that the economy is in strong shape. US GDP (second estimate) climbed an impressive 5.2% y/y in the third quarter, the strongest quarter since Q4 2021. The release beat the market consensus of 5.0% and was higher than the preliminary estimate of 4.9%. The economy showed marked improvement compared to the second quarter, which had growth of just 2.1%.
EUR/USD is testing support at 1.0986. Below, there is support at 1.0920
1.1033 and 1.1099 are providing support
EUR/USD Daily Chart Analysis For Week of Nov 24, 2023Technical Analysis and Outlook:
After a pullback, the Eurodollar aims for our designated target, Inner Currency Rally 1.099. This comes after the currency repeatedly hit strong Key Res 1.092 in this week's price action. This suggests that the Eurodollar may experience an imminent rally to Inner Currency Rally 1.099 in this upcoming session, potentially bringing it to a primary pivotal squeeze with an extension all the way to Mean Sup 1.087.
EUR/USD slips on ECB warning, PMIs nextThe euro is in negative territory on Wednesday. In the North American session, EUR/USD is trading at 1.0864, down 0.42%.
The ECB released its semi-annual financial stability review earlier today and warned of stress in financial stability in the eurozone. The report found that tighter financial conditions were making it difficult for households, businesses and governments. In short, the financial stability outlook remains fragile. The review warned that the Israel-Hamas war posed the risk of affecting the supply of oil, which could push inflation higher and dampen growth.
The economic picture in the eurozone is not encouraging, as the eurozone economy is stagnating and Germany, once a global powerhouse, has become a deadweight in the eurozone with its weak economy. The euro has jumped 2.8% against the US dollar in November, but that is more a case of US dollar weakness due to expectations of rate cuts in the US rather than strength in the euro.
In the US, unemployment claims were lower than anticipated, coming in at 209 thousand. This was below the market consensus of 225,000 and the previous revised release of 233 thousand. The reading indicates that the labour market is still showing signs of strength, which supports the Federal Reserve's rate policy of higher for lower.
The Federal Reserve minutes of the November meeting stated that the Fed plans to proceed with caution and will be keeping an eye on the data in making future rate decisions. The minutes made no reference to any discussion at the meeting about rate cuts, consistent with Jerome Powell's comments after the meeting that the Fed "is not thinking about rate cuts at all". The markets would beg to disagree and have priced in a rate cut in mid-2024.
There is resistance at 1.0951 and 1.1017
1.0831 and 1.0748 are providing support
EUR/USD Daily Chart Analysis For Week of Nov 17, 2023Technical Analysis and Outlook:
The Eurodollar has experienced a notable recovery after successfully achieving the designated target of Inner Currency Rally 1.077. This means the Euro has bounced back significantly and shows positive momentum in the currency market.
However, as the Eurodollar approaches the next selected mark, Key Res 1.092, it may encounter significant resistance. The price of this resistance level is essential, suggesting whether the Eurodollar will likely fall further.
Furthermore, if the Eurodollar fails to surpass the Key Res 1.092 level, it could continue its downward momentum and reach the Mean Support level of 1.084. This crucial support level will offer a substantial price platform against further downward movements. Therefore, it is also essential to keep an eye on the Eurodollar's performance at this level.
EURAUD: Expecting a bounce down from channel boundaryExpecting strength from the Aussie this week, even though the RBA hiked, I think the Aussie was negatively affected by the fall in commodities rates in the past week.
I see no strength in the Euro and I think Friday's candle suggests that this pair may not break back into my ascending channel, this could form a double top too.
Tuesday EUR GDP data - could be indicating recession...
Expecting a fall.
EUR/USD Daily Chart Analysis For Week of Nov 10, 2023Technical Analysis and Outlook:
The Eurodollar has undergone a notable downtrend movement from our Key Resistance level of 1.075, a significant level of resistance that the currency has been unable to break through. As a result, it is now expected to gradually move towards the Mean Support level of 1.061, which is strategic support for the currency. Furthermore, the Eurodollar may extend its bearish momentum and reach the Mean Support level of 1.056, which is a firm level of support.
However, it is worth noting that the currency could rebound toward uncompleted Inner Currency Rally 1.077 and Key Res 1.075, a level of resistance that the Eurodollar tested in this week's trading session. If the currency breaks through these two levels, it could complete the current Inner Currency Rally 1.077 and continue its upward trend.
EUR/USD Daily Chart Analysis For Week of Nov 3, 2023Technical Analysis and Outlook:
Make no doubt that the Eurodollar has jubilantly bounced above our Inner Currency Rally of 1.070 with an eye on the ensuing Key Res 1.075 and Inner Currency Rally of 1.077. The upcoming pivotal reversal will likely take us down to Mean Sup 1.056 and Key Sup 1.047.
EURUSD: Daily Price Action Suggests A Move UpLooking at this pair it's been trading in a descending dynamic channel since mid-July, it makes up nearly 58% of the DXY index and so is in close negative correlation to this index.
We can see the on the daily a pinbar followed by a long-wick doji, which could mean reversal, the opposite can be seen in DXY:
We can now see a breakout of the channel, and the pinbar was formed on the restest, and now the long wick doji.
We have a lot of news this week affecting the Euro (Mon / Tues), and then the USD (Wed).
Overall I think that the price action is determining a weaker dollar which means stronger crosses for the next short period of time, dollar needs a rest and has failed to form a new HH yet despite economic news that would normally entice the bulls.
There will be volatility this week so being conservative with initial target, however depending on the news we could well see us back over 1.08 this month.
TradePlus-Fx|GOLD: high's update💬 Description: The metal follows the previously planned course exactly. Demand continues to grow, including against the backdrop of the aggravated situation in the Middle East, but in addition, purely technically, sellers cannot realize their sales at the local elites. In the very near future, most likely, Gold prices will go towards updating local highs. In turn, this will cause another activation of sellers’ stop losses, and the approach to 2000 will be implemented.
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