EURUSD starts to crumble, greenback remains in bid.
“US dollar well in demand due to high expectations towards Federal Reserve in terms of policy setting.”
Greenback continues to remain well in bid as Treasury yield push to a new high. The market is currently expecting the Federal Reserve to continue its aggressive policy tightening due to stubbornly high inflation. On the other hand, euro failed to make any significant recovery after European Union failed to reach consensus on capping rising gas prices.
Quick recap on EURUSD
The pair’s long-term direction remains well intact and skewed towards the downside.
EURUSD Weekly Technical Analysis
From weekly perspective, bears remain well in power as previous bid to rebound falters with strong pressure from the upside.
EURUSD Daily Technical Analysis
From daily perspective, the pair retraced from recent resistance level with waning bullish momentum as seen from MACD.
Trading Idea
ORDER: SELL STOP
ENTRY: 0.9630
STOP LOSS: 0.9730
Target 1: 0.9500
Target 2: 0.9430
ZFX Analyst’s Comment
Overall, the pair is expected to continue its descend, albeit a confirmation at nearest support level would be required.
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