EUR/USD – The Pair Price Will Keep On Rising With Bullish Sentiment
Long Position
- Take Profit: 1.1300
- Stop Loss : 1.1200
- Timeline: 1 day
Short Position
- Sell Stop : 1.1215
- Take Profit: 1.1150
- Stop Loss : 1.1300
The pair price has been showing a strong bullish trend on the price charts, crossing all the Moving Averages and moving above the Ichimoku Cloud. With the development of a bullish flag pattern on the charts, the bullish signs are quite evident. The important resistance level of 1.1097, which was reportedly the highest price in the month of April, was also reversed. Overall, traders are rather upbeat and expect the pair’s bullish trend to continue.
The price of the EUR/USD pair rose, reaching a new high of 1.1240, the highest price since March 2022. Prior to the announcement of the US retail sales statistics, the pair had built up some pace. The weak US economic data that was released earlier pushed the pair price higher. In the US, core inflation has come down to 4.85 percent, while the CPI for the month of June dropped to 3%.
The Fed is expected to pause its rate hikes in the future as a result of falling inflation, and economists are forecasting a rate hike of 0.25% at the next meeting. The newest employment statistics show that the US labour market has also tightened, with 209k jobs already added. According to Goldman Sachs analysts, the possibility of a recession or slowdown is less in the economy since the Fed will be able to control inflation before it spirals out of control.