Hello everyone,
I am back sharing my ideas and analyses after being away for a while.
Let's recap the market in the recent past.
EUR/USD was benefiting from a weak dollar in the past few months, following a dovish Fed and ignorance of economic recovery signs in the US vs Europe and insistence of proceeding with a loose policy stance.
However, the whole picture changed after the last Fed meeting, shifting its tone to a hawkish one and signaling interest rates hikes.
The US dollar soared against all major currencies and gold tumbled.
Here's an illustration of the hourly chart EUR/USD and a quick analysis.
• After a sharp move lower, the pair found support near 1.1850.
• Correction higher on the cards following oversold conditions.
• Inverse head and shoulders on the hourly chart, validating the view.
• Bullish pattern.
• Neckline is at 1.1920, which needs to be broken for bulls to see higher prices.
• Long term trend is still bearish
• Short to medium term trend is neutral to bullish
I am back sharing my ideas and analyses after being away for a while.
Let's recap the market in the recent past.
EUR/USD was benefiting from a weak dollar in the past few months, following a dovish Fed and ignorance of economic recovery signs in the US vs Europe and insistence of proceeding with a loose policy stance.
However, the whole picture changed after the last Fed meeting, shifting its tone to a hawkish one and signaling interest rates hikes.
The US dollar soared against all major currencies and gold tumbled.
Here's an illustration of the hourly chart EUR/USD and a quick analysis.
• After a sharp move lower, the pair found support near 1.1850.
• Correction higher on the cards following oversold conditions.
• Inverse head and shoulders on the hourly chart, validating the view.
• Bullish pattern.
• Neckline is at 1.1920, which needs to be broken for bulls to see higher prices.
• Long term trend is still bearish
• Short to medium term trend is neutral to bullish
Ramzi Abou Abdallah, CFTe, CMT
♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading
♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading