== DAILY CHART ==
On the daily chart, we have some conflicting indications between our oscillates which may be causing some confusion amongst traders. Lots of rhetoric from the ECB about inflation and interest rates which also adds to the uncertainty regarding this pair. As illustrated on the chart, price action is finding difficulties breaking above the 50% retrace level of the most recent bearish impulse to the upside. This leaves me to believe that in this type of market condition, perhaps stochastics is the leading clue provider suggesting further downside. Should price-action decide to break and hold above the 50% retracement zone, the 1.11 handle should then be monitored for the next area of resistance.
On the daily chart, we have some conflicting indications between our oscillates which may be causing some confusion amongst traders. Lots of rhetoric from the ECB about inflation and interest rates which also adds to the uncertainty regarding this pair. As illustrated on the chart, price action is finding difficulties breaking above the 50% retrace level of the most recent bearish impulse to the upside. This leaves me to believe that in this type of market condition, perhaps stochastics is the leading clue provider suggesting further downside. Should price-action decide to break and hold above the 50% retracement zone, the 1.11 handle should then be monitored for the next area of resistance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.