The euro fell apart during the last week of January, the finale to what had been a very noisy and choppy sideways market. Tomorrow begins the new month of February. Will you trade the EURUSD? Get our forecast:
It does make sense, due to the fact that Jerome Powell has reiterated the Federal Reserve's desire to continue tightening monetary policy. When you contrast this with Brussels, it is an easy trade due to the fact that the European Central Bank has suggested that they are nowhere near tightening monetary policy.That being said, the reality is that the Federal Reserve is more than likely making a mistake.
With all that being said, I do believe that we will go looking towards the 1.10 level given enough time, which is a psychologically important figure. Whether or not it holds as support is a completely different question, but right now I think it is obvious that we will continue to see a lot of noisy behavior more than anything else. After all, there are a lot of concerns in the world and we will get the occasional bear market rally.
I suspect that by the end of the month we will get to the 1.10 level and try to figure out where we are going from there.That is my game plan and I have no interest in buying this pair until we either bounce from the 1.10 level, or turn around and wipe out the
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