The currency pair EURUSD, currently trading at 1.12241, is experiencing bullish activity. However, there are indications that the trend might soon be ready for a correction.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- EUR/USD bulls are in the market, but the trend could be ripening for a correction.
EUR/USD has climbed by over 0.8%, to trade at its highest since April 2022 as markets foresee European Central Bank hiking another 50bp before cutting rates by about 65bp in H2 2024. Sentiment around the Federal Reserve has shifted more dovish further out which is seeing a waterfall slide in the Greenback this week after inflation data came in lower than expected.
The weekly chart’s W-formation is still in progress with the right-hand arm heading higher into supply territory.
The daily chart’s W-formation is over-extended, so there are fewer prospects of a move into the neckline. However, a 50% mean reversion is feasible.
EUR/USD is showing no signs of deceleration on the 4-hour chart at this juncture.
EUR/USD is petering out, perhaps, as per the hourly chart. The 38.2% ratio is in sight and breaking the 50% mean reversion area will likely set the scene for a deeper correction into London and New York.
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
