As I have underlined yesterday, EURUSD is about to form a falling wedge with 1.33 at the bottom.
EURUSD may face in addition to that ch artist situation a technical correction n the upside for two reason.
1- USD has gained too much of a value against EUR and if EUR is oversold, USD is overbought.
2-FED's high level officials are questioning the timing to raise the interest rate not because they need to slow down the economy but rather because of the risk of inflation i.e that USD would loose its value based on inflation.
Of course the equilibrium between demand and supply for each currency is also of the utmost importance. Having said that at the present time, there is a room for an upside on EURUSD this could either be a technical one, or a structural upside. Target would be 1.3480 and 1.355. Let's wait and see.
EURUSD may face in addition to that ch artist situation a technical correction n the upside for two reason.
1- USD has gained too much of a value against EUR and if EUR is oversold, USD is overbought.
2-FED's high level officials are questioning the timing to raise the interest rate not because they need to slow down the economy but rather because of the risk of inflation i.e that USD would loose its value based on inflation.
Of course the equilibrium between demand and supply for each currency is also of the utmost importance. Having said that at the present time, there is a room for an upside on EURUSD this could either be a technical one, or a structural upside. Target would be 1.3480 and 1.355. Let's wait and see.
