We continue with our bullish bias on the USD due to the continuous hawkish tone of the Federal Reserve and the USD being acting as a safe haven during the Russian - Ukraine tensions.
We are constantly seeing more and more headlines from the FED indicating further rate hikes to combat the high pacing inflation.
Bearish Scenario A: Retracement to 1.04850 + 61.80% Fibonacci retracement level, creating an upper weekly wick, grabbing orders, before a bearish continuation to the downside.
Bearish Scenario B: A breakout below current monthly lows + 1.03550 key level for bearish continuation.
Target: 1.03000 Psychological Key Level
We are constantly seeing more and more headlines from the FED indicating further rate hikes to combat the high pacing inflation.
Bearish Scenario A: Retracement to 1.04850 + 61.80% Fibonacci retracement level, creating an upper weekly wick, grabbing orders, before a bearish continuation to the downside.
Bearish Scenario B: A breakout below current monthly lows + 1.03550 key level for bearish continuation.
Target: 1.03000 Psychological Key Level