The EURUSD price has broken through last week’s value high after ECB hawkish comments. Could this offer trend trading opportunities?
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The price of EURUSD has rallied at the beginning of this week after the ECB President Lagarde announced that they will hike rates above and out of negative territory. The current ECB rate is -0.5% and with inflation rising the ECB will have to act and could act as soon as July. This would see the EURO gain strength in the mid term and could help lift the EURUSD price higher. Not only this but the strength meter shows the USD is at a reversal zone which could add confluence for price to move higher.
Looking to the weekly profiles we can see that the price has already broken through last week’s value area high. When this happens we can often see the price move higher and form trend opportunities. If the price was to retest this value area high and the price was to form bullish price action we could see a trend opportunity form here. The weekly profiles allow us to look for areas for targets and we can see higher up there is a low volume area that could act as a magnet for traders long.
Did you see our week ahead analysis video? You can watch it here.
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