The $EURUSD has climbed to values it last traded in February of 2022 as financial institutions created bullish momentum and price velocity.
EUR/USD traders who were fortunate enough to be on the correct side of the upwards price direction of the currency pair last week are likely enjoying the weekend.began the last week of trading near the 1.09460 ratio, but incrementally climbed upwards and built up a significant amount of bullish behavior. Economic data from Europe has continued to make the European Central Bank voice aggressive interest rate rhetoric, while U.S inflation data produced a less than anticipated gain.
If long term charts are pulled out it starts to become clear the EUR/USD has enjoyed a strong bullish run higher since August of last year. However, the day to day trading results of speculators has certainly not been a one way avenue higher, because intraday changes in value and leverage often knock day traders out of the game even if they know what the correct perspective is for the EUR/USD.
On Wednesday Consumer Price Index data will come from the E.U. Inflation readings remain troubling in Europe and a stronger than anticipated outcome could continue to cause bullish momentum in the EUR/USD to occur. Last week’s strong price velocity upwards was extraordinary and day traders should not expect the EUR/USD to be able to maintain this type of price action. Reversals lower in fact can happen and traders must use risk management wisely to make sure they are not being overly ambitious. Remaining realistic about targets is important for EUR/USD traders. Quick hitting tactics for traders who do not have deep pockets should be practiced.
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