EURUSD
is under sell pressure. Germany is officially in recession. Inflation numbers came short in both Spain and Germany. These are signs for interest rates in eurozone is slowing down the economy and at some point ECB needs to stop increasing interest rates, which would make euro weaker. In contrast to this, job openings and GDP numbers came positive for the US economy. This is increasing the hand of FED for further rate hikes. All these fundamentals are pushing
EURUSD
lower. TA shows that the price is following the down channel. The channel support and pivotal point supports (both monthly and quarterly) are around 1.05-1.053 zone. We will watch if that area holds or not for a long opportunity.
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