Analyzing the past two weeks' price action, I have identified a range formed by the high and low points. This range is likely to act as a key area for price oscillation in the near term. Additionally, the 200-Day EMA has shown a level of support, although the market's flat movement suggests an ongoing back-and-forth struggle. Notably, there is an uptrend line positioned just below, adding another layer of support.
, which is currently demonstrating a significant downward trajectory. This moving average will likely provide resistance to any upward movements.Therefore, it is prudent to exercise caution and wait for a breakout from the established range before establishing long or short positions. Ultimately, the market appears to be gearing up for a more substantial move, but given the Federal Reserve meeting next week, followed by the European Central Bank meeting, it is expected that we will experience heightened noise and uncertainty leading up to these events. It is advisable to adjust your position size accordingly and remain nimble in such a choppy and uncertain environment.
This reinforces the need for patience and vigilance until clearer market trends emerge. The upcoming central bank meetings hold the potential to trigger a breakout and set a new direction for the euro's price action. At the end of the day, the euro continues to exhibit sideways movement as traders await the central bank meetings scheduled for the following week. The market's lack of decisive direction underscores the need for caution and adaptability in position sizing. As we navigate through this period of uncertainty, it is crucial to remain attentive to any significant developments that may arise and adjust trading strategies accordingly.
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Source: FXStreetNews - 🏆 14. / 72 Read more »