Seize the opportunity to buy at discounts around the Weekly VWAP. The bullish bias will be further reinforced if the price breaches the key value area high of 1.07250, which could signal a potential continuation of the uptrend. But be warned, the forex market can be as fickle as a cat deciding whether it wants to be petted or not!nathanvbasko wrote: Fri Jun 28, 2024 7:10 am While the ECB has been raising rates, they’ve expressed caution about going too far, which could be viewed as a dovish stance compared to the Fed. That being said, based on my understanding, I believe the ECB might maintain its current policy for the short-term, which could indeed put some bullish pressure on the EUR/USD pair.
Based on my analysis and bias... I do believe that the EUR/USD pair could have some short-term bullish potential. The ECB’s policy and potential divergence from the Fed’s more aggressive stance could put upward pressure on the EUR. Of course, it’s important to monitor the market closely and adapt your strategy as needed, as things can change quickly.
With the EUR/USD trading above the 50-day MA and the 200-day MA still acting as a potential resistance level, it could suggest a bullish bias in the short-term. However, it's important to consider other factors as well, like the overall trend and economic news. It might be a good idea to keep an eye on key levels and the 200-day MA to see if the trend continues or if the pair reverses. Always stay flexible and adaptable!
In addition, there is strong support around 1.0600 and resistance around 1.0800. A break above or below these levels could indicate a shift in short-term momentum.
When navigating the sometimes stressful world of trading, always remember to keep things light and have fun. After all, life’s a journey, not a destination... or should I say a long position and not a short one!
Have a nice weekend!
