Another strong beat for US retail data further suggesting that the economy does not need a full 50bp rate cut from the US and that 1 cut is more than enough. The retail beat along with strong employment data at start of the month making the market rethink multiple rate cuts and a lower US dollar .
For this specific trade we have an ascending support line shown in blue on our trading view chart and multiple bounces off of 107.8 area. We are looking for a near term move to 108.5 and potential break higher to resistance around low 109.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms.
Good luck trading
from the Team at forexTrdr