EUR/USD – The Pair is Still Stuck as the Euro Continues to Move Sideways
- Take Profit: 1.1200
- Sell Stop: 1.0800
- Timeline: 1-2 days
- Sell Stop: 1.0830
- Take Profit: 1.0700
- Stop Loss: 1.0950
The safe haven of traders has stayed true to its name this week as well. The pair was continuously bullish for the last 2 months and analysts are expecting more gains from the pair. But the pair still look very stuck as Euro is moving sideways after the PM numbers were released. The economic data indicates that both economies are still weak and the business activities are very much under pressure as of now. Although, there was a significant increase in price with 3.86% as it managed to climb up from the lowest price point of the year. But for the current week, the price was not moving much from 1.0881. The interest rate hikes for tackling the inflation will not be ending anytime soon as per what we hear from ECB and FED officials.
Forex Weekly Forecast
- EUR/USD: The pair is likely to remain bullish as central Bank officials move forward with rate hikes.
- GBP/USD: GBP/USD expected to stay bullish as there are no important economic data releases at the moment.
- USD/JPY: The pair may have a strong recovery amidst important data releases from the US.
- XAU/USD: Gold prices are still on the rise and bulls will still have control over the pair with a weak Dollar.
- BTC/USD: The pair remains bullish as Bitcoin price gets closer to 23k.
- USD/CAD: Bank of Canada’s latest policy decision to be closely watched as a slight positive impact is predicted by economists at Barclays.
- EUR/GBP: Pound struggling to recoup past week’s losses amid BoE interest rate hike bets.
- CAD/JPY: A potential change in trend can be expected from overbought.
- AUD/USD: Experts predict AUD/USD may find short-term support due to increasing price pressures.
- USO/USD: Chinese Lunar holidays, economic concerns and rumors of Russian war effort involvement may weigh on oil prices
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