EUR/USD prepares the bullsEUR/USD tested the support/resistance zone it might go down a bit to break the lows to complete the descending channel the go to the upside.
Uerusdforecast
I will notify you of the EURUSD entry opportunity
Regarding the euro, the inflation outlook in the Eurozone is uncertain, and the European Central Bank (ECB) is not expected to shift its tightening policy quickly. On Tuesday (February 28th), the French CPI annual rate was recorded at 6.2%, higher than the expected 6.1% and the previous value of 6.0%; this indicates that there is a risk of a rebound in Eurozone inflation.
On the US dollar side, since early February, a series of economic data in the United States have been stronger than expected, and market expectations for US inflation have rebounded. Expectations of a rate hike by the Federal Reserve (Fed) continue to rise, and the currency market has sharply raised the pricing of the peak of Fed interest rates. If the upcoming economic data continues to exceed expectations, there is still a possibility of further strength in the US dollar in the short term.
The Eurozone CPI for February, which will be announced on Thursday (March 2nd), and the US ISM Services PMI for February, which will be announced on Friday (March 3rd), are worth paying attention to. If US data continues to perform strongly, it will put pressure on the upside of EURUSD.
Looking at the EURUSD 4-hour chart, after a short-term rise, it is once again under pressure to fall back. The upward momentum is obviously insufficient, and there is a demand for a pullback. I personally expect the market to confirm a wave of support before ushering in a new round of upward movement, which will also be our entry opportunity.
My suggestion is to wait for the market to adjust to the range of 1.05400-1.05500 to initiate a long position layout. This is a key support level in the oscillation range and also a relatively good buying point. If you have large funds, you can enter in advance. Friends with small funds need to be patient and wait for the buying point to appear. The first profit-taking position above is 1.07200, and the second is 1.08000.
I have in-depth research on futures products such as cryptocurrencies, foreign exchange, stocks, gold, and crude oil, and I also update some daily operational layouts. Thank you for your attention and likes. Friends with questions can leave a message to me in a timely manner, and I will give the most prudent advice to help you.
EUR/USD: Sell on Highs
Yesterday, X made it clear that the impact of news is only short-term, and once the energy is depleted, it will return to its original pace. So far, this view is correct. The current market trajectory has begun to gradually recover, which will also help predict future trends.
Since the market has gradually started to recover and entered the original operating rhythm, the trend of the US dollar index will also be relatively easier, after all, the overall direction is still bullish, while EUR/USD is bearish.
In summary, it is recommended to sell on highs for EUR/USD today, combined with the market conditions and the following suggestions:
Short at the range of 1.0660-1.0670, with a stop loss of 20 and targets at 1.0640, 1.0620, and 1.0600.
FX:EURUSD
EURUSD D shortAfter breaking down the line of 1.1702, we will be waiting for a pullback to the line, and then the downside may be continuing till 1.1420.
