EURUSD broke lower at the beginning of last week but ended with a strong bullish candle on the last trading day.
The strong bullish rebound came from the lowest point of an 8-month market range which helps explain the rebound itself.
Despite growing sentiment of a rate hike by the Fed, the dollar has already strengthened for the last 3 months.
That means there can be a good chance that the market has bought news and may sell the fact going forward, thus causing reverse effect on the dollar.
This week, we will look for buying opportunities as the price pulls back, looking for an entry starting from 1.1770 to 1.1730.
On the upside, we will observe for strong supply around 1.1850 where there could be potential selling.
And should the price is able to break above 1.19 and the falling channel, we expect the price to retest the equilibrium level 1.1990.
The strong bullish rebound came from the lowest point of an 8-month market range which helps explain the rebound itself.
Despite growing sentiment of a rate hike by the Fed, the dollar has already strengthened for the last 3 months.
That means there can be a good chance that the market has bought news and may sell the fact going forward, thus causing reverse effect on the dollar.
This week, we will look for buying opportunities as the price pulls back, looking for an entry starting from 1.1770 to 1.1730.
On the upside, we will observe for strong supply around 1.1850 where there could be potential selling.
And should the price is able to break above 1.19 and the falling channel, we expect the price to retest the equilibrium level 1.1990.
