EUR/USD Corrective Short
After last weeks FED and ECB markets were left adjusting to Powell and Lagarde's comments.
FED will have to continue on with rate hikes well into Q2 '23 when they can start a pivot of no hikes, but certainly not making any cuts either. Rates will be held until they feel they have things 'under control'.
While Lagarde sounded 'hawkish' it doesn't change high inflation is here to stay and global growth concerns are starting to take headlines, weighing on sentiment.
I scalped the range last week but focused on shorts after fibonacci extension target was reached at 1.07350. I took short from 1.07250 closing at the end of the week at 1.06050.
This week I took entry short back at that same level, 1.06050
**If SL gets hit, it’s only 10 pips and I’ll hop in on a long scalp into 1.06500 - 1.06800
Market can range with end of year low volume so its best to cut it quick when you know a key level is failing and get in at a better entry.
At the end of the day, trade you own levels..but I hope you found to be decent
FED will have to continue on with rate hikes well into Q2 '23 when they can start a pivot of no hikes, but certainly not making any cuts either. Rates will be held until they feel they have things 'under control'.
While Lagarde sounded 'hawkish' it doesn't change high inflation is here to stay and global growth concerns are starting to take headlines, weighing on sentiment.
I scalped the range last week but focused on shorts after fibonacci extension target was reached at 1.07350. I took short from 1.07250 closing at the end of the week at 1.06050.
This week I took entry short back at that same level, 1.06050
**If SL gets hit, it’s only 10 pips and I’ll hop in on a long scalp into 1.06500 - 1.06800
Market can range with end of year low volume so its best to cut it quick when you know a key level is failing and get in at a better entry.
At the end of the day, trade you own levels..but I hope you found to be decent
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