EURUSD - Price trading inside strong bullish. Impulse Long entries can be taken once price retest the previous high using the break and retest strategy whereby a retracement would happen before a bounce to the upside and break it's recent high. Once price rejects that area, we can look at immediate market execution.
The US Dollar Index (DXY) is struggling to sustain above the 104.00 resistance as a slowdown in inflationary pressures has cemented expectations of a smaller rate hike by the Fed. Fed policymakers were already advocating for a deceleration in the interest rate hike pace after the soft October inflation report. Now, a consecutive significant slowdown in inflation has bolstered the chances of adopting a less-hawkish approach toward the monetary policy. Technicals and fundamentals indicates that the bullish momentum is still active.
TP can be placed just before the recent high in order to reduce risk and secure profits.
TP - Green Zone
SL - Red Zone
R:R Ratio - 1:3
The US Dollar Index (DXY) is struggling to sustain above the 104.00 resistance as a slowdown in inflationary pressures has cemented expectations of a smaller rate hike by the Fed. Fed policymakers were already advocating for a deceleration in the interest rate hike pace after the soft October inflation report. Now, a consecutive significant slowdown in inflation has bolstered the chances of adopting a less-hawkish approach toward the monetary policy. Technicals and fundamentals indicates that the bullish momentum is still active.
TP can be placed just before the recent high in order to reduce risk and secure profits.
TP - Green Zone
SL - Red Zone
R:R Ratio - 1:3