A short position on EUR/USD was opened due to bearish sentiment driven by weak economic data and concerns about deflation in the Eurozone. Technical indicators, such as a breakdown below key support levels and negative momentum, reinforced the decision. Additionally, diverging monetary policies, with the Federal Reserve tightening and the European Central Bank maintaining a dovish stance, suggested potential for EUR depreciation against the USD.
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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.