EUR/USD – The Pair Continue to Sit in a Tight Range With Sideway Movements
EUR/USD (Short Position)
- Sell Stop: 1.0830
- Take Profit (TP): 1.0700
- Stop Loss (SL): 1.0950
EUR/USD (Long Position)
- Take Profit (TP): 1.1200
- Sell Stop: 1.0800
- Timeline: 1-2 days
The EUR/USD pair is still not moving much except for the sideway movements that happened after the PMI data release. The pair is quite stuck and sitting in a tight range as of now. Investors are keeping an eye on what the ECB and FED has in store for the current economic situation. The economic data that was released is still signalling the weakness that prevails. The pair was stuck at 1.0881 from the start of the week. But still the prices have managed to move up 3.86% from the lowest point in the year.
Both economies were under pressure based on the data that was released on Tuesday. The business activities in both US and EU economies are not showing any progress from last year. Both ECB and FED officials have vowed to move forward with interest rate hikes until and unless the inflation rates come down. Since the pair was showcasing a steady bullish trend for the past few months, more gains are expected this week as well.
Forex Weekly Forecast
- GBP/USD: The pair experiences selling exposure and will stay bullish as per analysts.
- EUR/USD: No change in the bullish momentum formed for the pair.
- BTC/USD: The price nearing 23k in favour of hodlers.
- XAU/USD: Projected to remain bullish with weakness of USD and recession fears.
- USD/JPY: USD/JPY awaits strong rebound and will take signals from the upcoming US data release.
- USD/CAD: Experts anticipate CAD to rise with underpriced 25 bps hike by BoC, but gains may be modest and short-lived
- EUR/GBP: Pound attempts to recover, while UK’s economic outlook darkens.
CAD/JPY: The price action bounced off the upper trend line which suggests a change in trend.
- AUD/USD: Bulls emerges as Australian Dollar reaches 5-month high after surpassing expectations with year-end December headline CPI at 7.8%
- USO/USD: Crude oil prices struggle as technical and fundamental factors collide