My previous EUR/USD signal on 21st December was not triggered, as none of the key levels were reached that day.
December, I thought the price was likely to continue to consolidate between $1.0575 and $1.0760, but with bulls having a slight edge, so I thought a long trade from a bullish bounce at $1.0575 could be a good opportunity if it set up. However, neither of these levels were reached over that day.
The technical picture has changed since, as we saw a deep bearish retracement as the US Dollar made a comeback before the end of last week saw the Dollar sell off strongly on positive US economic data which suggests the Fed may be able to bring down inflation without more dramatic rate hikes. This risk-on tilt has persisted over the weekend and can be seen in the market now, so the price is rising but showing signs of topping out as it gets close to the resistance level just below the round number at $1.0700.. If the price can get established above that, it will be a bullish sign.
This pair is in a long-term trend and tends to show statistical reliability in such trends, so I want to be long of this currency pair. Swing and longer-term traders will probably do best to wait for another retracement to a support level and enter upon a bullish bounce there.There is nothing of high importance due today concerning either the EUR or the USD.
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