Our free forex signals service trade today is a sell order on the EUR/USD. The pair is looking for a downside after reaching trendline resistance.
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The EUR/USD pair rebounded after dropping below the immediate up trendline. However, the price tested the broken dynamic support, and now it could turn to the downside again as the Dollar Index has started to grow after ending its retreat. The pair is trading at 1.1019 at the time of writing.
As you already know, hawkish FED could help the USD dominate the currency market. The Federal Funds Rate is expected to increase by six more times during the year and two times next year. Also, a 0.50% hike is favored in the upcoming meeting, so the greenback could take the lead versus its rivals.
Fundamentally, the US New Home Sales indicator is expected at 809K versus 801K in the previous reporting period. On the other hand, the Eurozone Consumer Confidence could be reported in the negative territory at -13 points which could be bad for the Euro.
Fed Chair Powell speaks
Later today, Fed Chair Jerome Powell is due to participate in a virtual panel discussion at the Bank for International Settlements Innovation Summit. Potential remarks about inflation and monetary policy could bring high volatility.
From the technical point of view, the EUR/USD pair moves sideways between the daily pivot point 1.1011 and 1.1945 levels. A valid breakdown from this range could activate a new sell-off.
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Free forex signals – Sell EUR/USD at 1.0997
Free forex signals entry price and take-profit
Order Type: SELL STOP
Entry price: 1.0997
Stop Loss: 1.1055
My Risk: 1%
Risk / Reward Ratio: 1:1.7
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