EUR/USD Outlook !
Fundamentally, EUR/USD to maintain a consolidative mood in the next few days as the hawkish comments from the Federal Reserve pushed the USD higher.
If US inflation comes in lower than expected next week, we might able to see the clear market direction, however Its unlikely to happen now as FED might need to do more to get the inflation to 2% . By the way the Fed’s Chair Jerome Powell seems to have left the door open for one possible last rate hike.
Looking at the EUR/USD, the pair has broken its structure to upside creating higher High.
In 4 hour time Frame, the pair is between swing high at 1.0756 and low at 1.0517.
However, it’s very difficult to figure out its direction currently as it’s pretty much within the range. If we drop down to 15 minutes time frame, we clearly can see how ranging it is now.
In 15 minutes I do expect the price to head towards one of these supply levels and pushes down towards 4 hour demand level that we identified. , however there is no guarantee that price will break below the range now.
As EUR/USD seems to have tried to gone higher above 1.07565 level, but failed to break above, If the pair will managed to break above 1.07565 then there is chance it will head up to 1.080 psychological level.
Fundamentally, EUR/USD to maintain a consolidative mood in the next few days as the hawkish comments from the Federal Reserve pushed the USD higher.
If US inflation comes in lower than expected next week, we might able to see the clear market direction, however Its unlikely to happen now as FED might need to do more to get the inflation to 2% . By the way the Fed’s Chair Jerome Powell seems to have left the door open for one possible last rate hike.
Looking at the EUR/USD, the pair has broken its structure to upside creating higher High.
In 4 hour time Frame, the pair is between swing high at 1.0756 and low at 1.0517.
However, it’s very difficult to figure out its direction currently as it’s pretty much within the range. If we drop down to 15 minutes time frame, we clearly can see how ranging it is now.
In 15 minutes I do expect the price to head towards one of these supply levels and pushes down towards 4 hour demand level that we identified. , however there is no guarantee that price will break below the range now.
As EUR/USD seems to have tried to gone higher above 1.07565 level, but failed to break above, If the pair will managed to break above 1.07565 then there is chance it will head up to 1.080 psychological level.