The EUR/USD has bounced from the 1.1200 zonal support as historical buyers were aligned with now moment buyers. The FED also announced 25 bps rate cut.
Before the FED yesterday, I warned many times that the EUR/USD should turn bullish. What Powell’s testimony did yesterday was just to remind on some expectations regarding rate cut. Weak inflation, no “hot” labour market, dim outlook on the sustained growth etc. Technically, the pair has formed a marubozu candle, breaking above 1.1232 and we should see a continuation. 1.1230-40 is the POC zone. Targets are 1.1285 and 1.1323 if we see a bullish close above 1.1285.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX