EUR/USD Show Bullish Continuation Despite USD Rate Hike

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The EUR/USD bounced at the support trend line (blue) yesterday despite the interest rate hike in the US from 1.5% to 1.75% for the US Dollar. The rate hike caused price volatility on lower time frames but ultimately the support level persevered. Price is now retesting the resistance trend line (red) and a bullish break could start a potential wave 3 (purple).

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The EUR/USD bullish momentum is probably part of a wave 3 (blue) but a bullish breakout is needed before this scenario becomes more likely.

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Origin: Admiral Markets

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