Yesterday, the European Central Bank planned to raise interest rates in July, which stimulated market sentiment and caused the euro to fall against the dollar. European Central Bank President Christine Lagarde also said at a news conference that if inflation is forecast to be 2.1 percent or higher in September, the rate hike will be more than 25 basis points.
The falling wedge pattern on the D1 chart was gradually digested by the market, and the chart formed a descending channel. The lower support level was successfully broken yesterday and the trend will continue to decline. The MACD long trade volume is also gradually fading. The apparent short trade volume is gradually gaining the upper hand.
On the H1 chart, the current price is correcting after touching the support level below. It is predicted that the maximum magnitude of the pullback will go to the Fibonacci 0.618 range. If you are looking for stability, you can wait for a pullback before entering the market.
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.
