the eurusd has just made a new 6-week low, but may have found some support, even if it is short term, at $1.0773.
I think the outlook is bearish due to the bearish technical and the resilience in the US Dollar which continues as Fed Chair Powell continues to talk down the prospect of an early rate cut.
I think the best opportunity today in this currency pair will likely be on the short side: either a breakdown once the price gets established below the lower trend line of the descending price channel or following a retracement to the resistance level at $1.0817 followed by a rejection of that level. The logical profit target is $1.0724.
I think the outlook is bearish due to the bearish technical and the resilience in the US Dollar which continues as Fed Chair Powell continues to talk down the prospect of an early rate cut.
I think the best opportunity today in this currency pair will likely be on the short side: either a breakdown once the price gets established below the lower trend line of the descending price channel or following a retracement to the resistance level at $1.0817 followed by a rejection of that level. The logical profit target is $1.0724.
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.
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.