Heres my hourly on EURUSD... I have a short bias given recent US data but strangely as of late it seems like markets barely react to US data, I am expressing US bullishness via long USDJPY at the moment, bought 101.54 SL 101.34... targeting a breakout above 102.60.
EUR and GBP remain stubbornly strong, I will buy 1.3700-1.3720 area for a scalp, but I would really like to sell a retracement to 1.3750 for a larger position ahead of ISM Services, ECB and NFP. A rally and fail at 1.3750/60 would set up a nice head and shoulders.
Fundamentals on EUR... Im thinking prolonged war tensions may push a need to bail on western europe equities which along with the large current account surplus is one of the two major sources of support for EUR. Draghi may give us some help but Im not relying on it.
US data suprises recently:
Flash Manufacturing PMI 56.7 vs 53.6
New Home Sales 468k vs 406k
Core Durable Goods 1.1% vs -0.1%
Chicago PMI 59.8 vs 57.9
ISM Manufacturing 53.2 vs 52.3
EUR and GBP remain stubbornly strong, I will buy 1.3700-1.3720 area for a scalp, but I would really like to sell a retracement to 1.3750 for a larger position ahead of ISM Services, ECB and NFP. A rally and fail at 1.3750/60 would set up a nice head and shoulders.
Fundamentals on EUR... Im thinking prolonged war tensions may push a need to bail on western europe equities which along with the large current account surplus is one of the two major sources of support for EUR. Draghi may give us some help but Im not relying on it.
US data suprises recently:
Flash Manufacturing PMI 56.7 vs 53.6
New Home Sales 468k vs 406k
Core Durable Goods 1.1% vs -0.1%
Chicago PMI 59.8 vs 57.9
ISM Manufacturing 53.2 vs 52.3
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