FX.co ★ EUR/USD

I have seen a lot, but for the market to so precisely trigger my stop just below the line and then soar upwards — that's not just a price movement, it's a masterpiece of irony. Yesterday, as I predicted, I went long on EURUSD at the support of 1.1605-1.1594. My stop loss was at 1.1592, and as they say, to the penny, it was the bearish candle with a low at 1.1592 that triggered it. The Euro is gaining strength against the Dollar, aiming for new monthly highs. Positive data on business activity in the Eurozone have improved economic expectations and acted as a growth driver for the European currency. Beating forecasts on the PMI index has reinforced the market's belief in the ECB's firm stance, especially amidst expectations of an imminent rate cut by the Fed. For buying the Euro, it is recommended to focus on the range of 1.1708-1.1729. The first target at 1.1650 has already been reached. If the pair reaches 1.1671, it will correspond to the average daily volatility and likely lead to a correction. In that case, the support zone of 1.1650-1.1635 is a suitable area to consider new long positions.