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EURUSD to test the levels below 1.12 this week

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  • EURUSD to test the levels below 1.12 this week

    Last week Euro/Dollar down below the key support level of 1.1330 and the recovery of the dollar will continue. expected this scenario as for the coming business week the investors probably will continue to buy dollars.
    The key events that will move the markets are on Wednesday FOMC Minutes at 18:00 GMT and Non-monetary policy's ECB meeting at 7:00 GMT. Also the focus is over Monetary Policy Meeting Accounts on Thursday at 11:30 GMT, Germany PPI on Friday at 6:00 GMT and United States CPI, Core CPI on Tuesday at 13:30 GMT and Industrial Production at 14:15 GMT.
    The investors will expect new stimulus for the Euro Zone growth.
    In the technical analysis shows key support levels of 1.1220 and 1.1145. The main resistance level is at 1.1445. trading strategy this week is to open short positions and expect test the levels below 1.12.
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  • #2
    Today there will be data of US Building Permits and CPI . At the moment the pair is moving in sideways so I think it is not good to enter a new position now.



    • #3
      I agree, consolidation continues and until there's a clear signal opening new positions is inadvisable.