Preferred direction: BUY
Comment: The end of the previous trading week was not in favor of the US dollar, which we were preparing for and talking about during the previous week. The beginning of this week will most likely maintain this bearish sentiment for the US dollar and a short-term strengthening is expected for its main competitors, at a minimum.
Against this background, for the euro we expect a re-test of the resistance area at the level of 1.09000. Most likely, the instrument will move to this resistance area as much as possible from the closing prices of the previous week (scenario №1). If the American currency strengthens, a long position will be considered at the nearest support at 1.08000 (scenario №2).
Additional comments on this trade will be provided as situation changes. Follow us!
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Comment: The end of the previous trading week was not in favor of the US dollar, which we were preparing for and talking about during the previous week. The beginning of this week will most likely maintain this bearish sentiment for the US dollar and a short-term strengthening is expected for its main competitors, at a minimum.
Against this background, for the euro we expect a re-test of the resistance area at the level of 1.09000. Most likely, the instrument will move to this resistance area as much as possible from the closing prices of the previous week (scenario №1). If the American currency strengthens, a long position will be considered at the nearest support at 1.08000 (scenario №2).
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for like and share your views!
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