ECB lightens up the market, but will Euro sustain?
“Euro jumps as investor reassess ECB’s hidden hawkish stance.”
Euro rejoiced during Asian trading session, buoyed by European Central Bank’s stance with regards to rate hike. Considering last week’s rate hike, ECB emphasized that they would have two or three more rate hikes, to bring record high inflation levels to the bank’s target of 2%. The signal shades some insights over how ECB perceives current market condition, which to them – the inflationary pressure still hovers at high levels for now.
Quick recap on EURUSD
EURUSD subjects to downward trendline as it fails to make any substantial bullish recovery for the past few attempts.
EURUSD Weekly Technical Analysis
From weekly perspective, the pair rebounds from the bottom level while currently testing near the resistance of 1.0160.
EURUSD Daily Technical Analysis
From daily perspective, while MACD illustrates bullish signal, previous candle’s movement shows strong selling pressure from the upside.
ORDER: SELL LIMIT
STOP LOSS: 1.0305
Target 1: 1.0035
Target 2: 0.9935
ZFX Analyst’s Comment
As the pair remained subjected to bearish trendline, we expect bears to overcome short-term bulls and redirect the pair towards the oblivion.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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