On our analysis as at the 21.06 we indicated that we were still short EURUSD after the relatively Dovish FOMC meeting and had increased our short position. However, the currency pair rose towards 1.14 before dropping sharply Monday below 1.13 on the back of weaker than expected EU PMI data and stronger than expected US ISM data. Additionally, the US is threatening tariffs on EU goods which has prevented EURUSD rebounding on the back of indications today that the ECB will be more patient in future rate cuts and additional QE than had been expected. We therefore maintain our short position and will look to take profit if the currency pair drops below 1.12.
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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.