EURUSD in its best shape yet.
“Euro stood tall as ECB may gear up to address rising cost of living which is widespread across Europe.”
During European trading session, EURUSD uphold its previous ascend above 1.05 mark as market participants remains optimistic towards European Central Bank (ECB). Prior, ECB member Gabriel Makhlouf commented that the minimum rate hike for upcoming meeting will be 50 basis point as inflation remains high. In addition, ECB member Francois Villeroy remarks that it is too soon to discuss about terminal rate for the time being. His remarks leave ample room for market speculation as the central bank may need to amp up their efforts to curb rising cost of living.
Quick recap on EURUSD
The pair held on to its gains after successfully taken off from a low of 0.9600.
EURUSD Weekly Technical Analysis
From weekly perspective, the pair is skewed towards the upside as bullish momentum remains intact.
EURUSD Daily Technical Analysis
From daily perspective, previous attempt by bears remains unfruitful due to strong buying pressure from the downside.
ORDER: BUY STOP
STOP LOSS: 1.0580
Target 1: 1.0700
Target 2: 1.0780
ZFX Analyst’s Comment
A general overview suggests further upside ahead, with confirmation to be obtained from its nearest resistance at 1.0580.
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.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!