Yesterday, we were greeted by a Dovish FOMC coupled with satisfactory EU data. Even though Draghi maintained his dovish stance on interest rates, the Fed reiterating their dovish tilt combined with slowly improving EU data could be enough of a push to change the trajectory of the pair. EURUSD was unable to make another move lower towards the 1.12 support level and instead made a higher low upon the news release. I see this as a good base from which to initiate a LONG on the pair.
Note
So far, trade is in the money. However, price seems to have made another lower high. Given the weakening EU zone data and renewed sentiment on the USD on the back of good data, it may be a good time to take profit and look to short the pair. Note
Again, price has dipped ahead of the upper boundary of the bearish triangle/channel.Note
Once again, EU data printed mixed, which lead to the Euro plummeting right at the upper boundary of the bearish triangle on the daily chart. The pair formed a double (arguably a triple) top at this level and failed to hold above 1.13 ahead of the PMI data release. Note
Pair is now retracing a bit of yesterday's plunge. Just like with GBPUSD, it may have been better to wait atop the bearish triangle on the daily for SHORT opportunities.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.