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Hello traders,
Yesterday EUR/USD made a big reboung of more than 100 pips from its bottom (1.0694 - 1.083). Nevertheless there is still some risk for downside movement but it will be a correction in my point of view because there are a lot of clues for reaching a bullish momentum. The December interest rate hike of Fed is a question not "If" but how big will it be? 0.1, 0.25 or even more? The present market already has absorbed the potential rate hike so the only way for now is up with a stop at 1.062. The important part is when the correction will end to enter a long position. Maybe next week because currently on smaller time frames all indicators are for short.
Yesterday EUR/USD made a big reboung of more than 100 pips from its bottom (1.0694 - 1.083). Nevertheless there is still some risk for downside movement but it will be a correction in my point of view because there are a lot of clues for reaching a bullish momentum. The December interest rate hike of Fed is a question not "If" but how big will it be? 0.1, 0.25 or even more? The present market already has absorbed the potential rate hike so the only way for now is up with a stop at 1.062. The important part is when the correction will end to enter a long position. Maybe next week because currently on smaller time frames all indicators are for short.
