Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/USD Trade Update
2021-08-12 • Updated
EUR/USD Daily Chart
EUR/USD 4H Chart
EUR/USD declined slightly at the beginning of yesterday’s trading, reaching as low as 1.1705 right before the US data. The pair then bounced off that support all the way to 1.1750’s, leading our long position to be in profit once again. In the meantime, we maintain the Stop at 1.1690 ahead of today’s session. The current signal comes as a short-term play after the euro declined for 8 straight sessions. At the same time, if the pair managed to break above 1.1750 today, I would move my stop to the entry in order to protect the position from any possible loss.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
This article will analyze the possible scenarios for the EU, and what's more important, look at the charts. There is a lot to see, let's go!
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