EURUSD Wedging Up
EUR/USD has been gently trying to rally in recent days with the USD peaking with US interest rate a week ago.
SInce the US interest rates peaked the edging lower has allowed the EUR/USD to bounce and if we head into full blown recession, US rates have the most to give back whilst EURO rates have moved little in the biggest European bond market Germany.
So the big USD rally on inflation will be reversed if US leads us into recession. But in the short term to break topside here we just need Stocks to continue to find support and continue to lead the market higher.
End of Month flows should help stocks this week so better than average set up for next few days for a least a test of key wedge resistance about 1.0650.
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SInce the US interest rates peaked the edging lower has allowed the EUR/USD to bounce and if we head into full blown recession, US rates have the most to give back whilst EURO rates have moved little in the biggest European bond market Germany.
So the big USD rally on inflation will be reversed if US leads us into recession. But in the short term to break topside here we just need Stocks to continue to find support and continue to lead the market higher.
End of Month flows should help stocks this week so better than average set up for next few days for a least a test of key wedge resistance about 1.0650.
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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