sits just below, so if we were to break down below that level, it’s possible that the 1.03 level will be tested next. Keep in mind that you must pay close attention to the industry market because I can give you a bit of a “heads up” as to what the US dollar is doing. Interest rates have been rather noisy, mainly because people are worried about the
meeting next week. It’s not so much what they are going to do as far as hikes are concerned, but the statement that accompanies it.If we break above the 1.06 level, then it’s possible that the Euro goes looking to reach the 1.08 level, but it will more likely than not take some time to get there. After all, this pair very rarely just takes off in one direction or the other.
Furthermore, it also points out that you could make an argument for a rising wedge, so we’re not completely out of the danger yet, especially if the Federal Reserve does sound very aggressive at the meeting next week. In the meantime, I think we probably got a grind sideways but with more of an overall upward tilt to it. If we break down below the 200-Day EMA, that could be the beginning of something a little more serious for the US dollar. It’s probably also worth noting that the US Dollar Index is showing signs of trying to bounce for a bigger move as well, so keep that in mind.
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