Euro Still in a Bearish Outlook with upcoming CPI
In the upcoming week, my outlook on the Euro remains bearish. However, it's important to note that we have the Consumer Price Index (CPI) report scheduled for release this Wednesday, which adds an element of uncertainty to the market. Currently, I am closely monitoring two possible scenarios.
The first scenario, which I personally prefer, is represented by the purple path. In this scenario, I plan to sell the Euro at a specific level with lower time frame confirmation of market structure shift. However, I intend to keep my risk exposure low until the CPI release.
The second scenario, the green path, is one I hope to avoid. I view this path as less favorable, as I am considering a SMT Cable (GBP/USD). However, if the Euro does rise along this path, I will again look to sell from that point with lower time frame confirmation. My primary goal for the Euro remains on the downside.
In the coming week, we'll patiently observe how the market unfolds and which path it chooses. For intraday traders, it's essential to keep in mind the CPI release, as it can significantly impact market dynamics.
The first scenario, which I personally prefer, is represented by the purple path. In this scenario, I plan to sell the Euro at a specific level with lower time frame confirmation of market structure shift. However, I intend to keep my risk exposure low until the CPI release.
The second scenario, the green path, is one I hope to avoid. I view this path as less favorable, as I am considering a SMT Cable (GBP/USD). However, if the Euro does rise along this path, I will again look to sell from that point with lower time frame confirmation. My primary goal for the Euro remains on the downside.
In the coming week, we'll patiently observe how the market unfolds and which path it chooses. For intraday traders, it's essential to keep in mind the CPI release, as it can significantly impact market dynamics.
Comment:
The opening of the London trading week suggests a preference for the green path, but I remain optimistic that it will eventually reverse. I am patiently observing how the New York market reacts. If the hourly chart takes out the previous high, I will consider selling the EUR/USD if i get break in structure in 15 minutes. For now, I will wait and monitor the situation
Comment:
currently market structure shift on hourly lets how today it perform and set a trade for tomorrow. AM side line for today as rules say no trade day before cpi
Order cancelled:
The market isn't aligning with my current analysis, so I'll step aside from this pair until I reevaluate it
Trade closed: target reached:
While the CPI didn't unfold as I had hoped, yesterday's ECB monetary policy decisions certainly intensified the downward movement. So far this week, I've only executed one short-term trade. However, I've successfully secured my major swing trade and now Stop loss is set to breakeven point for runner. It was indeed an impressive and profitable maneuver, yielding more than 120 pips.
Trade closed: target reached:
finally reached below the target
