Trading Outlook – EUR/USD
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Originally updated: 06:51
Status: Pending
Trading period: SHORT
Currency pair: EUR/USD
Entry: 1.1935-1.1940
Take profit:
Sentiment: Bearish
Market Focus: We remain on the sidelines awaiting data from the eurozone and US later today.
Fundamentals: Our focus coming into today is on the release of the CPI Flash Estimate numbers out of the troubled eurozone which economists are predicting to come in lower than expected as well as from the US we have the release of the FOMC meeting minutes which many will be combing over in order to gain a better insight into when they may start their hiking cycle. I remain bearish the euro long-term looking for further fuel to be added to an already bleak situation.
Technicals: On a technical note we saw new lows printed on EUR/USD yesterday as bearish sentiment renews itself with the oil crisis and investors seeking safer havens. Having taken some good pips out of the euro this week already I am waiting once again for a decent rally to sell into.
I am watching 1.1935-1.1940 as a potential area to sell from, however I will assess price once news hits the wires.
NOTE: Entry, stop and take profit levels will be updated as and when market dictates.
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