Hello dear friends!
Overall, EURUSD experienced significant volatility yesterday after failing to sustain its previous recovery momentum.
Currently, in today's trading session, despite a slight price adjustment at 1.08216 as of the time of writing, highlighting a 0.03% increase for the day. However, this is still not enough evidence for a strong upward trend, especially after the Fed pushed back expectations of an early interest rate cut, boosting the US Dollar. The focus now shifts to EU inflation data.
From the 1H chart, we observe that there is a high probability from a DOW analysis perspective that the EU will continue its upward trajectory. By using the Fibonacci retracement level, a reasonable correction level for this currency pair would be the perfect 0.618 level, which is at 1.08304, followed by pushing this pair beyond the support level at 1.07950 and moving towards the Fibonacci touch zone at 1.618.
Overall, EURUSD experienced significant volatility yesterday after failing to sustain its previous recovery momentum.
Currently, in today's trading session, despite a slight price adjustment at 1.08216 as of the time of writing, highlighting a 0.03% increase for the day. However, this is still not enough evidence for a strong upward trend, especially after the Fed pushed back expectations of an early interest rate cut, boosting the US Dollar. The focus now shifts to EU inflation data.
From the 1H chart, we observe that there is a high probability from a DOW analysis perspective that the EU will continue its upward trajectory. By using the Fibonacci retracement level, a reasonable correction level for this currency pair would be the perfect 0.618 level, which is at 1.08304, followed by pushing this pair beyond the support level at 1.07950 and moving towards the Fibonacci touch zone at 1.618.
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