EUR/USD: quiet consolidation

KEY CHART ELEMENTS

The still very firm speech of the European central bankers continues to support the European currency. With no macroeconomic news or important statistics, traders are holding on to recent highs. We can watch for pullbacks on the 20-period moving average in daily data to accompany the movement.

MEDIUM-TERM FORECAST

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

Our entry point is $1.0638. The price target of our bullish scenario is at $1.1100. In order to preserve the capital invested, we advise you to position a protective stop at $1.0419.

The expected return on this strategy is 462 pips and the risk of loss is 219 pips.