The EURUSD went into the weekend experiencing a slight selloff- Forex Trading
This upwards price action did not come without a fight. The EUR/USD hit a low of nearly 1.06665 on Tuesday and almost challenged the low again on Wednesday. However, a move upwards started to emerge and by Thursday the EUR/USD was trading around a high of almost 1.07875. Yes, the EUR/USD did see a slight selloff before going into the weekend and will start trading tomorrow near the 1.07480 ratios.of May, but the EUR/USD does remain within the lower depths of its one-month charts.
Speculators should acknowledge the EUR/USD is being treated cautiously by financial institutions, as other major currency pairs have seen some USD weakness develop to a greater degree. It appears many financial institutions are positioning for a pause in interest rate hikes from the U.S. Federal Reserve on the 14CPI Data from the U.S could be an Early Signal Regarding the Fed’s Decisionnumbers via the Consumer Price Index from the U.
The ability of the Forex pair to gain last week likely fueled some bullish optimism regarding the prospects for additional upside price action. However, the selloff going into the weekend showed cautious trading is still dominating the EUR/USD. Early trading this week should be watched to see if the EUR/USD can maintain the 1.073000 realms, if this is accomplished it could signal sentiment is still slightly bullish regarding a near-term outlook.
If inflation numbers however are weaker than anticipated from the U.S. on Tuesday, this could spark buying of the EUR/USD.
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