Wow... what a good morning on EURUSD.
It seems like that rally above 1.087 had stalled, at least for now. I've close one of my Euro long position, opened since 0.9746, closed at 1.0865, so +1119 pips gain.
Now, price is looking for the next market impetus. We'll have US retail sales later today. Cooling inflation on the US side really has market rethink of Fed's aggressively hawkish tone, given that rates might be pausing after Mar '23. It's still too early to say, if Fed will slow down, or if market was betting on the wrong side. Only time will tell. On Euro area, there's no surprise on inflation. They all came in line with expectation. To the upside, next level will be the 78% Fib, with a price tag of 1.11.
It seems like that rally above 1.087 had stalled, at least for now. I've close one of my Euro long position, opened since 0.9746, closed at 1.0865, so +1119 pips gain.
Now, price is looking for the next market impetus. We'll have US retail sales later today. Cooling inflation on the US side really has market rethink of Fed's aggressively hawkish tone, given that rates might be pausing after Mar '23. It's still too early to say, if Fed will slow down, or if market was betting on the wrong side. Only time will tell. On Euro area, there's no surprise on inflation. They all came in line with expectation. To the upside, next level will be the 78% Fib, with a price tag of 1.11.
Attached Image (click to enlarge)
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The choppiness fairies are at work..