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The euro and the pound are being actively purchased whenever favorable opportunities arise, and it is still too early to discuss any potential for a downward correction.
Despite robust data from the U.S. housing market, demand for the euro remained strong throughout the second half of the day. Traders seem reluctant to abandon the European currency, even with the upcoming Federal Reserve meeting, as they expect a more dovish stance from the central bank. Furthermore, positive macroeconomic indicators from the Eurozone continue to support the euro, countering the effects of U.S. data.
The strengthening of the euro is also tied to expectations regarding the future monetary policy of the European Central Bank. Market participants believe that the ECB will pause its rate-cutting cycle, especially after the recent Eurozone inflation data, which suggests a potential slowdown in price pressures.
At the same time, the U.S. dollar is experiencing some pressure due to concerns about a potential recession in the American economy. Recent GDP and inflation data have raised questions among investors about the resilience of the U.S. economy, which has negatively affected demand for the dollar.
As mentioned earlier, significant economic reports from the Eurozone will be released, which the ECB closely monitors. These include data on the Eurozone's overall and core consumer price indices. These reports will undoubtedly influence the ECB's future monetary policy strategy. Inflation, as is well known, is a key factor in the central bank's decision-making process.
If the data shows a steady decline in inflation, the ECB may reconsider its stance on further rate cuts. However, if inflationary pressure continues to ease, the ECB will likely maintain its dovish approach.
If the data matches economists' expectations, relying on a Mean Reversion strategy is best. A Momentum strategy is preferable if the data significantly exceeds or falls short of expectations.
Buying on a breakout above 1.0945 may lead to an increase toward 1.0997 and 1.1047.
Selling on a breakout below 1.0904 may lead to a decline toward 1.0866 and 1.0827.
Buying on a breakout above 1.2995 may push the pound toward 1.3028 and 1.3068.
Selling on a breakout below 1.2975 may lead to a drop toward 1.2940 and 1.2910.
Buying on a breakout above 149.90 may push the dollar toward 150.20 and 150.60.
Selling on a breakout below 149.65 may lead to a decline toward 149.20 and 148.90.
Looking to sell after a failed breakout above 1.0953, with a return below this level.
Looking to buy after a failed breakout below 1.0918, with a return above this level.
Looking to sell after a failed breakout above 1.3010, with a return below this level.
Looking to buy after a failed breakout below 1.2971, with a return above this level.
Looking to sell after a failed breakout above 0.6377, with a return below this level.
Looking to buy after a failed breakout below 0.6354, with a return above this level.
Looking to sell after a failed breakout above 1.4327, with a return below this level.
Looking to buy after a failed breakout below 1.4288, with a return above this level.
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