EURUSD - 13/12/2021 - Missed my target of 1.12 on the sells but still looking like solid downward momentum after hitting the new upper trend line at 1.135.
Anyone who saw the retest should have had a nice little scalp.
Still the same story as last week really:
- covid surge in Europe bringing lockdowns for Christmas. - FED and BOE looking at policy tightening as ECB wants to ride out inflation. - Russian troops at Ukrainian border. - Nord Stream looking to be scrapped thus raising questions about Europe’s energy security.
Moving forward I’ll be watching the central banks monitory policy meeting on Wednesday with ECB meetings on Thursday being another one to gauge the markets.
All in all I’ll probably be going off the technicals and looking for sells with a 1.18 goal.
If we test the uptrend line again and we break through will have to reassess and wait for res to be found.
How you guys feeling about the new upper trend line? Anyone got any bullish ideas? :)
Well here we are crabbing it slightly to the upside.
Technically we look like we may be gearing up for a break down from a wedge pattern with 1.135-1.136 being strong res.
I can’t see us breaking this week but sells from the said res may be profitable and setup for a break out to the lower side.
On the fundamental front:
- FED looking to tighten tapering due to inflation. - ECB being conservative on monetary policy even though rising inflation. - Covid continues to slow down economic recovery.
If we were to think bullish we would have to see the 1.136 res broken and settled above for me to buy but with how nonplussed markets were on the low NFP data I can see a continuation to the downside for now.
How do you guys think this is playing out? Any reasons to be bullish?
To be honest, I’m so much bullish on EURUSD trading pair in 2022! Last year was for the bears, but right now the scenarios are different, I basically do my trading based on technical facts, according to my chart, this year will be full of green!
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.