There's a more sinister rise, a path EURUSD can take.
Earlier today, when price briefly hit 1.092, I was pondering on whether to take profit on one of my long trade, entered since 0.971, but decided against doing so. I'm not certain if I want to go into the short business just yet.
Technical wise, a rise toward 1.12345 is possible, but macro front just doesn't see solid reasons supporting such an uptrend, right now. Today, we're closer to the 200-SMA on weekly, than it is to the 50-SMA: 300 vs 500 pips. Filling the gap? We'll see.
It's not too far-fetched to compare situation we're currently in, against the one in Jan '17. Back then, price dipped toward 1.03, before spiralling up quicly to 1.07-1.08 levels, and subsequently shot up to 1.20 by Sep '17. Back then, there were rumoured Fed was about pause rate hikes, started by Yellen in Dec '15, which was eventually halted in Dec '18. We're singing the same tunes today with Powell. It was during this period of time, when market and Fed sent mixed and confusing tones on when to stop tightening.
Earlier today, when price briefly hit 1.092, I was pondering on whether to take profit on one of my long trade, entered since 0.971, but decided against doing so. I'm not certain if I want to go into the short business just yet.
Technical wise, a rise toward 1.12345 is possible, but macro front just doesn't see solid reasons supporting such an uptrend, right now. Today, we're closer to the 200-SMA on weekly, than it is to the 50-SMA: 300 vs 500 pips. Filling the gap? We'll see.
It's not too far-fetched to compare situation we're currently in, against the one in Jan '17. Back then, price dipped toward 1.03, before spiralling up quicly to 1.07-1.08 levels, and subsequently shot up to 1.20 by Sep '17. Back then, there were rumoured Fed was about pause rate hikes, started by Yellen in Dec '15, which was eventually halted in Dec '18. We're singing the same tunes today with Powell. It was during this period of time, when market and Fed sent mixed and confusing tones on when to stop tightening.
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