We understand that there has been a slow and steadier start to the week with a lack of economic events, coming off a US bank holiday and winding down from the second quarter.
On the higher timeframe, EUR/USD is approaching the top of a range and I'm expecting some bearish pressure when we get there. Currently, price is in a slow pullback but still presenting bullish price action. For now, I will be looking for further buys to push higher towards 1.104 before I start to look for buyer's exhaustion and look for potential sells.
I see potential buys above 1.093, 1.096 and 1.0985 key price points.
Fundamentals
Yesterday we had optimistic housing data which caused a small amount of Dollar bullishness, pushing EUR/USD further bearish.
Today we have Jerome Powell delivering his semi-annual monetary policy testimony to the House of financial affairs committee. It's expected he's going to give a relatively slow and steady approach as we know inflation has been trending down, the terminal interest rate is higher than the CPI level and we can see that the labour market is still relatively tight and strong.
Other than that, not much else going on regarding financial events that impact EUR/USD.
On the higher timeframe, EUR/USD is approaching the top of a range and I'm expecting some bearish pressure when we get there. Currently, price is in a slow pullback but still presenting bullish price action. For now, I will be looking for further buys to push higher towards 1.104 before I start to look for buyer's exhaustion and look for potential sells.
I see potential buys above 1.093, 1.096 and 1.0985 key price points.
Fundamentals
Yesterday we had optimistic housing data which caused a small amount of Dollar bullishness, pushing EUR/USD further bearish.
Today we have Jerome Powell delivering his semi-annual monetary policy testimony to the House of financial affairs committee. It's expected he's going to give a relatively slow and steady approach as we know inflation has been trending down, the terminal interest rate is higher than the CPI level and we can see that the labour market is still relatively tight and strong.
Other than that, not much else going on regarding financial events that impact EUR/USD.
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If price does break this high, then buys will be back in focus like in the original post.
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Trade going great. SL moved to above the last lower high.
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Closed the trade in small profit as I am not a fan of the price action
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Following on from my original analysis, this is a potential entry that could have been taken on the 5m timeframe.
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My own entry was taken on a small pullback after 1.093 got hit again, with SL below the lows where buys would be invalidated.
If EU wants to keep trending down then it will not break this high.
Entered a sell on the retest of the neckline, with SL above the high where sells would be invalidated.