The 1.10 level carries psychological weight, potentially leading to a significant regional struggle. The market's behavior in response to this level remains to be determined. Selling the euro is only recommended if the market breaks below the 200-Day EMA. It is worth noting that while the US dollar may strengthen, it may not necessarily do so against the euro.
Consequently, focusing on buying dips in the short term could be a viable strategy. However, it is crucial to apply this approach to short-term charts. Whether a true breakout will occur is yet to be seen. In the meantime, it is prudent to anticipate the market remaining range-bound and displaying limited movement, particularly on Tuesday due to the Independence Day holiday in the United States. Reduced liquidity and the absence of significant economic news will likely contribute to a stagnant market. Traders employing short-term range-bound systems may find opportunities in such conditions.
The euro market is expected to maintain a range-bound pattern soon, especially with reduced liquidity and limited economic news due to the Independence Day holiday.Top Forex Brokers
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Source: FXStreetNews - 🏆 14. / 72 Read more »