EUR/USD: Bit of a head scratcher??? Where to my lovely?
Hello traders
FOMC is bearing down on us and this is not the time to be a deer, frozen in the headlights. I am rolling with the market movements, despite the long term bearish trend.
I closed out my short positions (1.0426 and 1.0515) this morning for a total of +101 pips.
I have used multiple time frames to illustrate the technical and price action side.
The most important part of my decision to go long, was that the 4h low at 1.0411 that kicked off the rise to 1.0535 was respected. That was followed by the start of an ascending wedge. And of course the two daily closes(1/20 and 1/23) at 1.0415 were respected.
On the negative side, there is a perfect evening star on the daily chart. However the nascent reversal can not be ignored.
Fundamentally the USD data was disappointing this morning. Durable goods MoM weakened more. Consumer confidence dropped from 109.5 to 104.1.
The rate outlook points to no cut tomorrow and a 32% chance of a cut in March.
MEDIA: Please attribute rate probabilities used in your reporting to “CME FedWatch.”
My stop is below 1.0390. Targets? Daily highs at 1.0458, 1.0534 and 1.0629. Downside, anything is possible down to parity or lower.
Once again, market movements will be determined by Chair Powell and Ms. Christine Lagarde's statements at the press conferences. Get the popcorn ready.
Best of luck all.
FOMC is bearing down on us and this is not the time to be a deer, frozen in the headlights. I am rolling with the market movements, despite the long term bearish trend.
I closed out my short positions (1.0426 and 1.0515) this morning for a total of +101 pips.
I have used multiple time frames to illustrate the technical and price action side.
The most important part of my decision to go long, was that the 4h low at 1.0411 that kicked off the rise to 1.0535 was respected. That was followed by the start of an ascending wedge. And of course the two daily closes(1/20 and 1/23) at 1.0415 were respected.
On the negative side, there is a perfect evening star on the daily chart. However the nascent reversal can not be ignored.
Fundamentally the USD data was disappointing this morning. Durable goods MoM weakened more. Consumer confidence dropped from 109.5 to 104.1.
The rate outlook points to no cut tomorrow and a 32% chance of a cut in March.
MEDIA: Please attribute rate probabilities used in your reporting to “CME FedWatch.”
My stop is below 1.0390. Targets? Daily highs at 1.0458, 1.0534 and 1.0629. Downside, anything is possible down to parity or lower.
Once again, market movements will be determined by Chair Powell and Ms. Christine Lagarde's statements at the press conferences. Get the popcorn ready.
Best of luck all.
Trade chiuso manualmente
Closed trade at breakeven after FOMC presser.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.