In the past week, despite my initial interest and expectations for a downward movement in the EUR/USD following the FOMC meeting, the currency pair did encounter a notable rejection from the area of interest but failed to gain the desired momentum towards the downside. Furthermore, it concluded the week with a close above the 1.06347 level, which has led to a reduction in my enthusiasm for the EUR/USD pair in the upcoming week. Noteworthy is the fact that it had already completed a 140-pip initial move followed by a subsequent 60-pip move.
Nevertheless, as we look ahead, my sentiment is inclined towards a bearish outlook for the EUR/USD, contingent on its ability to maintain levels below 1.06636 and exhibit a significant structural break on the hourly or 4-hour charts. In my assessment, the occurrence of such a development could set the stage for the EUR to address its unresolved agenda, specifically targeting the March low.
In summary, my preference for the upcoming week continues to lean towards a bearish stance on the EUR/USD pair, taking into account the recent price dynamics and evolving circumstances
Nevertheless, as we look ahead, my sentiment is inclined towards a bearish outlook for the EUR/USD, contingent on its ability to maintain levels below 1.06636 and exhibit a significant structural break on the hourly or 4-hour charts. In my assessment, the occurrence of such a development could set the stage for the EUR to address its unresolved agenda, specifically targeting the March low.
In summary, my preference for the upcoming week continues to lean towards a bearish stance on the EUR/USD pair, taking into account the recent price dynamics and evolving circumstances
Trade closed: target reached
