EURUSD-06/27/2023
Preferred direction: BUY
Comment: The ECB Symposium in Sintra kicks off today, with an introduction speech by Lagarde and other ECB members. Analysts suggest that more hawkish statements from ECB members are expected.
Based on economic indicators, especially the "locomotive" of the EU economy - Germany, the situation in the EUR-area is not the most positive and most likely this may force further increase in rates.
The EUR will be volatile today not only against the background of the ECB symposium, but also market participants are waiting for the data from the US ("Orders for durable goods" and so on).
It is mainly necessary to estimate the technical picture, where the EURUSD currency pair has an upward local trend. Besides, a false breakdown of the level 1.09071 was formed, that is the lower border of the wide accumulation 1.09071 - 1.09526. False breakouts of the border of the not quite familiar "rectangular" accumulation, most likely indicates that a "big player" is picking up a position. As you can see on the chart, at the moment this is the zone with the largest accumulated volume after the instrument started the local growth phase.
Considering all of the above, there are two potential entry points to go long for this pair: at the current price or after the price closes above the level of 1.09526 (for a breakdown). The upside potential lies at the level of 1.10677. There is a high probability that on the assumed upward impulse the price can overcome the level of 1.10677 almost immediately, or at least make a deep false upward breakout and return to the level again
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Comment: The ECB Symposium in Sintra kicks off today, with an introduction speech by Lagarde and other ECB members. Analysts suggest that more hawkish statements from ECB members are expected.
Based on economic indicators, especially the "locomotive" of the EU economy - Germany, the situation in the EUR-area is not the most positive and most likely this may force further increase in rates.
The EUR will be volatile today not only against the background of the ECB symposium, but also market participants are waiting for the data from the US ("Orders for durable goods" and so on).
It is mainly necessary to estimate the technical picture, where the EURUSD currency pair has an upward local trend. Besides, a false breakdown of the level 1.09071 was formed, that is the lower border of the wide accumulation 1.09071 - 1.09526. False breakouts of the border of the not quite familiar "rectangular" accumulation, most likely indicates that a "big player" is picking up a position. As you can see on the chart, at the moment this is the zone with the largest accumulated volume after the instrument started the local growth phase.
Considering all of the above, there are two potential entry points to go long for this pair: at the current price or after the price closes above the level of 1.09526 (for a breakdown). The upside potential lies at the level of 1.10677. There is a high probability that on the assumed upward impulse the price can overcome the level of 1.10677 almost immediately, or at least make a deep false upward breakout and return to the level again
Thank you for like and share your views!
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