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Eurusdshort

EUR/USD Meets Solid Support Around 1.1000 on LagardeThe EUR/USD currency pair experienced a corrective decline and revisited the key level of 1.1000. However, it encountered solid support and bounced back afterwards. The Chairwoman of the European Central Bank (ECB), Christine Lagarde, stated in a press conference that inflation pressures remain strong and wage pressure is increasing. Many Board members suggested a 50 bps rate raise due to significant upside risks to inflation. The EUR/USD is currently facing increased volatility as investors shift their focus to Lagarde’s press conference. After the ECB raised rates by 25 bps to 3.75%, the market remained inconclusive. The ECB stressed that underlying inflation remains strong and future decisions will aim to make rates sufficiently restrictive. TRADE IDEA DETAILS CURRENCY PAIR: #EURUSD CURRENT TREND: Corrective decline TRADE SIGNAL: ↘️Sell 👉ENTRY PRICE: 1.0995 ✅TAKE PROFIT: 1.0909 ❌STOP LOSS: 1.1055 With Chair Lagarde's comments about the need for more tightening and the uncertainty of the transmission of past rate raises, we believe that EUR/USD is likely to continue its corrective decline. Therefore, we recommend selling EUR/USD at 1.0995 with a stop loss at 1.1055 and a take profit target at 1.0909.
by RichDadph-FX
Preparing for the Worst: Trading Ahead of a US Debt Default "It is impossible to predict with certainty the exact date when Treasury will be unable to pay the government's bills," Treasury Secretary Janet Yellen said in a letter to Congress. Although Yellen noted a tentative date of June 1 as the due date to help spur lawmakers into action. While it is highly unlikely that the US will default on its debt, this doesn’t mean that the traders won’t make plans to deal with a default or get jittery. Two likely markets that will have to deal with the moves from these investors will be forex and gold. If uncertainties about an unprecedented potential U.S. debt default persist, the US dollar might lose some of its safe haven status which would possibly shift to gold. US President Joe Biden plans to meet with House Democratic leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Republican leader Mitch McConnell on May 9. This will be a key date to watch the US dollar and gold in case the group come to some kind of agreement to increase the debt ceiling. With the US being the bedrock of the whole world’s financial system, we might also expect to see investors' jitters manifest in offshore-based assets too. Other safe havens such as the Japanese yen, the Swiss franc, and particularly the euro might be prime candidates for inflows.
by BlackBull_Markets
Bearish on EU Currency, But Cautiously Watching for ReversalThe EU currency has recently completed the B leg of an ABC pattern, suggesting a potential reversal to the downside. While there is a bearish bias in play, traders should be cautious and wait for reversal patterns to emerge before taking action. If no reversal patterns develop, it may be wise to stay out of the market and let the price continue its current trend, as there is still potential for a higher high forming. Traders should carefully monitor the price action and use proper risk management to protect their positions.
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by Dion-FX
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EURUSDThere are various factors that can lead to a decline in the EUR/USD index, including economic, political, and global factors. For example, changes in interest rates, political instability, and global economic conditions can all impact this index. If the EUR/USD index is currently declining, it may be due to a number of factors. For instance, investors may be selling euros in response to negative economic news or political instability in the Eurozone. Alternatively, the US dollar may be gaining strength due to positive economic indicators or changes in US monetary policy. To gain a better understanding of the causes of the decline in the EUR/USD index, it is important to pay attention to forex market technical analysis and relevant news. However, in general, a decline in this index indicates a weakening of the euro against the US dollar, and can present challenges for investors who hold euro-denominated assets or engage in euro-denominated trade. As with all forex trading, it is important to carefully monitor market conditions and to have a sound understanding of the underlying factors that can impact currency exchange rates.
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by hyfx