A Sell for the EURUSD
The EURUSD has exhibited an upward trend, likely influenced by a slight decline in the Dollar, possibly linked to the ongoing Jackson Hole Symposium, which holds significance for various markets awaiting insights from FED Chair Jerome Powell. When considering both fundamental and technical perspectives, our stance remains bullish on the dollar, unless there is a shift in the underlying fundamentals. The Dollar's moderation led the EUR to approach a notable supply zone around 1.09300.
Interestingly, referring to yesterday's analysis, the market displayed a favorable response near 1.09150. However, a closer examination revealed that the market did not experience a substantial breakdown in its structure towards the downside. Consequently, it swiftly reversed its course, ascending towards the 1.09300 mark. Anticipating the market's trajectory, I find the only potential concern was the demand zone situated around the 1.087 level. Yet, I am confident that this demand has been effectively depleted. Furthermore, a noticeable volume of liquidity exists on the downward side. As a result, my expectation is for the market to trend downward, approaching the 1.084 range.
Interestingly, referring to yesterday's analysis, the market displayed a favorable response near 1.09150. However, a closer examination revealed that the market did not experience a substantial breakdown in its structure towards the downside. Consequently, it swiftly reversed its course, ascending towards the 1.09300 mark. Anticipating the market's trajectory, I find the only potential concern was the demand zone situated around the 1.087 level. Yet, I am confident that this demand has been effectively depleted. Furthermore, a noticeable volume of liquidity exists on the downward side. As a result, my expectation is for the market to trend downward, approaching the 1.084 range.
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