Happy Monday! See where EURUSD is headed this week with our weekly forecast
When the EUR/USD opens for trading on Monday the currency pair will be near the 1.10175 ratio, after touching a high which touched the 1.10925 mark on Wednesday, before reversing lower on Thursday and Friday before going into the weekend. The U.S. Federal Reserve helped pushed the EUR/USD higher in the middle of the week when they spoke about a potential pause to interest rate hikes.The ECB did raise their Main Refinancing Rate last Thursday as expected by another 0.25%.
. But concerns regarding the outlook in the near term from the U.S. central bank are still causing mixed reactions, and a bumpy road potentially is ahead for speculators who only want to bet on the EUR/USD moving higher. The move from a high of nearly 1.10900 on Wednesday to a low of nearly 1.09660 on Friday is a solid reminder risk management always needs to be used.Traders who remain bullish on the EUR/USD should monitor the U.S CPI data this Wednesday and be careful.
The EUR/USD price level of 1.10000 will prove important early this week regarding behavioral sentiment.The ability of the EUR/USD to continue to press toward the 1.11000 ratio is certainly of interest, but the currency pair’s inability to topple this level is also a warning sign for day traders not to get overly optimistic or create targets that are too high.
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