The valid long-term bullish trend survives after the strong recovery from an initial fall in price.
, I thought that we would see consolidation above the $1.07 handle during the London session.
I was wrong about this, as the price broke well below $1.07 to reach the 50-day SMA where it bounced hard and then went on to recover all its lost ground. Although as it bounced back quickly after getting below there, I was correct in spirit if not in fact. The price rose yesterday to hit the nearest resistance level at $1.0766 before bouncing down again. However, the significant thing now is that the price is gradually but persistently rising over recent hours. Overall, the technical picture points to a bullish recovery continuing after yesterday’s lowWhat moved the price yesterday was Fed Chair Jerome Powell’s remarks about inflation and rate hikes – it was all about the US Dollar and little about the Euro.
the US Dollar’s bullish momentum seems to have run out of steam, while the Euro remains a relatively strong currency.I take a bullish bias, but I think that the price will remain between $1.0692 and $1.0766 today, so I think a scalp off either level could be a good trade – I prefer a long tradeRegarding the USD, Federal Reserve Member Williams will be interviewed today at 5pm London time. There is nothing of high importance due today concerning the EUR.
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