Yesterday, even though both the U.S. and Japan had holidays, the euro continued to struggle to rise. With expectations of a rate cut at the upcoming ECB (European Central Bank) meeting the day after tomorrow, and decreasing hopes for large rate cuts from the Fed (Federal Reserve), the euro has had difficulty moving up.
However, after the euro reached a double top at $1.12 and then declined, it seems like there has been an increase in short positions against the euro in the short term. Be cautious about potential buybacks ahead of the ECB meeting.
If today’s German October ZEW survey results are better than expected, it might lead to a temporary increase in euro buybacks.
Expected EUR/USD range: 1.0930 (38.2%) to 1.0860 (lower Bollinger band)
Please note that this content does not guarantee profits. Make trading decisions based on your own judgment.