- The EUR/USD bullish rally has moderated and a topping pattern is in play.
- The trend is down as long as EUR/USD remains below 1.0950.
According to this week’s pre-open analysis, when Reuters reported that European Central Bank (ECB) officials were suggesting that the ECB would raise interest rates by 50 basis points in both February and March and would continue to raise rates In the following months, the euro has adhered to the expected pattern as follows:
EUR/USD Prior Analysis
(Bearish pattern could be underway)
The euro was said to be in a bar fight, chopping around support and resistance. The analysis argued that if the bulls commit, then 1.0870/90 and potentially the psychological level of 1.09 could be attractive to bears who are waiting for a premium in the early sessions of the week.
The bullish recovery has faded. However, there is still a long way to go until the critical events of the US calendar take place and the US dollar remains constrained by resistance. However, EUR/USD is following a topping pattern and the trend is down below 1.0950.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.