EUR/USD recovering
After it reached a level close to 1.10, EUR/USD created a bullish hammer and managed to recover more than 100 pips on the first trading day of the week. It slightly overcame 1.12 figure and retreated back to 1.119 .
This recovery was helped by Trump's decision to add more tariffs on China as soon as September, pushing the probability of a second rate cut by the Fed in its next meeting from around 60% to 90% and adding downside pressure on the treasury yields.
Looking back at the past, all previous breakouts led to several days of rallies; this scenario is likely to be repeated if the bulls are still committed.
Next level to beat is 1.123 (50D sma and 100D sma ) , 1.126 and 1.128 ( previous double bottom ) for further gains.
Good luck.
This recovery was helped by Trump's decision to add more tariffs on China as soon as September, pushing the probability of a second rate cut by the Fed in its next meeting from around 60% to 90% and adding downside pressure on the treasury yields.
Looking back at the past, all previous breakouts led to several days of rallies; this scenario is likely to be repeated if the bulls are still committed.
Next level to beat is 1.123 (50D sma and 100D sma ) , 1.126 and 1.128 ( previous double bottom ) for further gains.
Good luck.
Ramzi Abou Abdallah, CFTe, CMT
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