Forex traders of the EUR/USD were ‘treated’ to a couple of days of fireworks from the currency pair- Forex Forecast Trading
A high of nearly 1.10120 was hit on Thursday, but by Friday a depth of around 1.08440 was touched. Setting off the highs for traders perhaps, was speculative buying zeal which still doesn’t seem to believe the U.S Federal Reserve will increase its Federal Funds Rate in July. However, causing a massive reversal which likely wiped out a solid amount of bets on the EUR/USD upwards momentum was the dramatic realization the E.U is under a bad economic cloud.
The velocity of the EUR/USD was fast and trading conditions may have another dark shadow to deal with on Monday’s opening via the developing news from Russia. Traders who do not have active positions may want to wait for a couple of hours before jumping into the EUR/USD tomorrow morning. ECB President Legarde will be speaking tomorrow and late in the week, her comments will likely be hawkish regarding inflation.Caution should be practiced by traders this week as financial institutions deal with the developing news from Russia’s political drama.
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