EUR/USD -11/5/2023-

• Despite hawkish comments from ECB members, signaling further policy tightening ahead, the Euro has lost about 150 pips in a single week
• USD is showing signs of strength fueled by fears and risk-off mode increasing demand for the Dollar
• Technically, the short term trend is bearish after the bears managed to break the 20 SMA
• Long term, we are still in an uptrend supported by the ascending trend line
• Levels 1.09 ( horizontal support ) and 1.0850 ( trend line support ) are very critical in this scenario
• Bears will try to break below both levels to get the upper hand
• Bulls wish the recent decline is just a market correction and an opportunity for them to re-enter at a better price at the trend line support
• Odds favor a re-test of the trend line and a bounce from there since all the factors in the market are slightly tilted towards an appreciating Euro

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