- EUR/USD bearish W-formation remains is in focus in the build-up to US CPI.
- Bulls could find themselves trapped in trying to break out through recent highs.
EUR/USD is extending the bullish rally on Tuesday and has been trying to print a fresh high for this week’s initial balance, taking the US Dollar down to 1.0759 vs. the Single Currency on the bull’s quest for a test towards 1.0800.
However, as illustrated at the start of the week’s technical analysis, EUR/USD Price Analysis: Breakout traders triggered long, bears looking to pounce, we have red news on the calendar on Thursday that marries up with a technically bearish fo5rmation on the charts as the following will illustrate. Bulls could be running into a trap and as analysts at Brown Brothers Harriman explained, who continue to believe markets are underestimating the Fed; ”it’s hard to reconcile a risk rally with deep US yield curve inversion.”
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.