- The Euro continues to see a lot of noisy trading overall, but really at this point in time, I think we've got a situation where we will continue to look at this through the prism of what's the risk appetite right now.
- The risk appetite is getting better now that we have had the Federal Reserve seemingly admit that they might cut raids.
- While that doesn't directly influence this pair, it gives you a general idea of where we might be heading to.
- With this, I would anticipate that perhaps we will do what we can to reach the 0.9450 level. We are hovering around the 200 day EMA and we did bounce from the 50 day EMA.
So all of that tied together, I think is actually a good sign that maybe we have a certain amount of support underneath that will continue to provide a little bit of a boost. If we can break above the 0.9450 level, it does open up the possibility of the 0.9550 level. The market breaking down below the 50 day opens up the possibility of the 0.9325 level possibly even the 0.92 level. Keep in mind this is a pair that is rather choppy.
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They do tend to trade this in a longer term kind of buy and hold aspect. So, keep that in mind, but we are bumping along an area that's been massive support going back to December of 2023.
This is a great trade if you are a range bound trader, because there's such an obvious floor. Whether or not the Swiss bank is behind that, we don't know, but as things look like. We are seeing a little bit of risk appetite pickup. does make sense that we will continue to just drift higher.
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