Morning everybody,
Despite that data was strong recently, market reaction was moderate, and ECB meeting was almost totally ignored. I would say that ECB statement is hawkish - stopping of bonds buying and 11 points rate change by July, if we wouldn't have the turmoil that we have. Currently, these steps looks too weak and the same like a "pie to the elephant". 8%CPI in the US is more important, but we should make a discount - it doesn't reflect yet EU money in the US. Data in April and especially in May should include it, and inflationary pressure could ease a bit. If not - it just tells that situation is absolutely awful.
In short-term - our B&B trade is going well. Entry process was accurate and without any surprises. Thus, if you have stepped-in, now it is possible to move stops to breakeven. On daily chart we need to keep an eye on bearish grabber, as price is flirting with the MACD. This could give us more extended downside target.
Meantime, the minimum target is 5/8 Fib support @1.0926:
1H chart shows that action could take the shape of AB-CD pattern. Once "C" point will be set, you could get the target with more precision. Now OP stands a bit lower, around 1.0894, but COP is 1.0930 and agrees with 1.0926. Just watch for the daily grabber, and adjust AB-CD pattern, once downside action will be re-established.
Those, who haven't entered yesterday, today could get another chance, if you try to use current pullback: