Daunting Dollar. What next?
Hello traders
I did not take a long from 1.0942 as mentioned in my previous idea. I was waiting for USD CPI and jobless claims to print. The knee jerk reaction higher was probably due to a distortion in the jobless numbers caused by the tragic effect of the hurricane/s in the south east. Also, the continued furlough of Boeing workers. A reminder, just like NFP, it is worth it not to react to the headline number. A deep dive into the data sometimes tells the real story.
Today won't change the FOMC trajectory of a 25 base point cut next month.
The upcoming ECB rate decision and CPI print is what is important.
The charts tell a story and a reversal from 1.0881-1.0888 is not improbable.
In addition, DXY is oversold.
I do not suffer from FOMO but a long EUR/USD position at right about 1.0900 is possible with 20+ pips on the down side. A close above the broken double bottom at 1.0950 will confirm the path higher to 1.1000-1.1131 which was not tested after the breakdown.
Good luck.
I did not take a long from 1.0942 as mentioned in my previous idea. I was waiting for USD CPI and jobless claims to print. The knee jerk reaction higher was probably due to a distortion in the jobless numbers caused by the tragic effect of the hurricane/s in the south east. Also, the continued furlough of Boeing workers. A reminder, just like NFP, it is worth it not to react to the headline number. A deep dive into the data sometimes tells the real story.
Today won't change the FOMC trajectory of a 25 base point cut next month.
The upcoming ECB rate decision and CPI print is what is important.
The charts tell a story and a reversal from 1.0881-1.0888 is not improbable.
In addition, DXY is oversold.
I do not suffer from FOMO but a long EUR/USD position at right about 1.0900 is possible with 20+ pips on the down side. A close above the broken double bottom at 1.0950 will confirm the path higher to 1.1000-1.1131 which was not tested after the breakdown.
Good luck.
Note
And of course, the Doji candle on the daily chart.
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