EUR/USD Outlook for the next week
EUR/USD seems to have changed its direction to bearish. We can clearly see that the pair failed to cross above the 1.10 level.
Fundamentally, the ECB seems to have kept a step up ahead of the FED, saying it is mostly likely to reduce borrowing costs in the summer, while the US economic data shows some strong momentum, dimming the hope of early soft landings.
As the US dollar (DXY) has recovered more than expected, the DXY is currently testing 200 EMA (daily), which can act as resistance. However, it may also be in the phase of pulling back to 102.50 to 103 levels in order to push it up to 104, followed by 104.5 levels.
Looking at the current price action, I do look for selling opportunities.
Entry: Around 1.0939
Bullish side ( as the price is sitting at 100EMA , Its also likely to be respected ) :- Simple as If the price close above 1.1050 , we can expect the bullish continuation toward 1.1275 level.
EUR/USD seems to have changed its direction to bearish. We can clearly see that the pair failed to cross above the 1.10 level.
Fundamentally, the ECB seems to have kept a step up ahead of the FED, saying it is mostly likely to reduce borrowing costs in the summer, while the US economic data shows some strong momentum, dimming the hope of early soft landings.
As the US dollar (DXY) has recovered more than expected, the DXY is currently testing 200 EMA (daily), which can act as resistance. However, it may also be in the phase of pulling back to 102.50 to 103 levels in order to push it up to 104, followed by 104.5 levels.
Looking at the current price action, I do look for selling opportunities.
Entry: Around 1.0939
- S/L: 1.1005
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- T/P 1: 1.07632
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- T/P 2 - 1/06590
Bullish side ( as the price is sitting at 100EMA , Its also likely to be respected ) :- Simple as If the price close above 1.1050 , we can expect the bullish continuation toward 1.1275 level.