EURUSD has made a successful rebound off the demand zone as the Fed clearly signalled for a rate cut by the end of July.
However, the gain was somewhat curbed by a dovish ECB as well which also signalled for more QE.
In the H4 chart, the price has technically completed an ABCD formation and has started its 2nd wave of a bullish trend which is most likely to continue in the coming week.
If the price continues to climb, watch out for 1.135 as the 2nd shoulder of an HnS could form.
In conclusion, EURUSD is expected to climb further this week and traders can consider buying again if the price retraces closer to 1.125.
However, the gain was somewhat curbed by a dovish ECB as well which also signalled for more QE.
In the H4 chart, the price has technically completed an ABCD formation and has started its 2nd wave of a bullish trend which is most likely to continue in the coming week.
If the price continues to climb, watch out for 1.135 as the 2nd shoulder of an HnS could form.
In conclusion, EURUSD is expected to climb further this week and traders can consider buying again if the price retraces closer to 1.125.
