EURUSD Daily Outlook for coming week & Important Data
In the coming week some very important data is awaiting us – Check it out on Economic Data Calendar.
Especially pay attention to Wednesday US Data :
- Inflation Rate
- Core Inflation
- CPI
And most IMPORTANT one – FOMC Interest Rates Decision !
EURUSD finished last week in one very sharp downward move .
Came to important Support at 1.08000 , and it should be targeting 1.07500 for starters.
Here are the most important levels to watch :
Supports: 1.08000 , 1.07800, 1.07500 & 1.07000
Resistances : 1.08400, 1.08600, 1.08850 & 1.09150
Be aware that the pair is driven mostly by expectations and Data readings. Do not fool yourself that you can predict the Data or the reaction of the market on it .
For direction decisions , you always wait for the close of the day , and never anticipate it based on your own opinion – watch the charts and believe what you see – not what you think !
I am going to give you two possible outcomes :
- If EUR loses above mentioned supports, we’ll be in for a ride all the way till around 1.01800.
That wouldn’t mean that we are going to continue the Downtrend that easily , as that area could be a perfect Buy zone for a pair to attempt another attack at 1.14000 zone – the one that is keeping it submerged from mid 2008.
- 1.07500 holds it’s ground and propels the pair above 1.09150 to meet next Resistance zone at 1.10000 .
As long as EURUSD stays below 1.14000 , we are in the Downtrend on big time frames like Weekly and Monthly.
In my own opinion ( one that I have, but would never try to trade 😀 EURUSD are most probably going to push within this year and maybe even next to 1.02000 area, or better to say for Parity.
Taking into account geo politics right now, war in Ukraine ( read it : in Europe ) , downturn momentum in German economy ( not to mention all other EU members) , problems with logistics in Europe itself , Energy prices going up….you name it…I wouldn’t bet on EUR .
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