EUR/USD: an ECB-backed euro...

KEY CHART ELEMENTS
Forex traders are maintaining their short-term bullish bias on the European currency. Recent interventions by various national bankers in Europe point to a more hawkish tone from the ECB. For Klaas Knot, governor of the Dutch central bank, the ECB's tightening could continue until next summer. Between now and June, 5 monetary policy meetings are expected. The terminal rate is around 3.3% but could be much higher. Few macroeconomic elements are expected this week to stir the trend. The uptrend should therefore continue quietly. Technically, the uptrend will be accompanied by a pullback to the 20-period moving average in daily data.

MEDIUM TERM FORECAST
Based on the key chart factors we have mentioned, our medium-term view on the EUR/USD is positive.

Our entry point is $1.0652. The price target of our bullish scenario is $1.1100. In order to preserve the capital invested, we advise you to place a protective stop at $1.0421.

The expected return on this forex strategy is 448 pips and the risk of loss is 231 pips.