EURUSD Potential Forecast | 7th March 2023
Fundamental Backdrop
1. Given Jan's whopping NFP print of 517k jobs, will the job market continue its resilience and stay strong consistently? Or was the month of January just an anomaly?
2. EUR is also riddled with plenty of economic news and data releases such as the retail sales m/m and CPI news release.
3. Mixed sentiments surrounding the USD due to the "hot and cold" data news releases, from the poor durable goods orders m/m due to Boeing , to the decent ISM manufacturing index and to the weakening consumer confidence in the US.
4. However, NFP will provide a confirmation to the upcoming bias for the dollar.
Technical Confluences
1. Price is currently rejecting off the H4 resistance at 1.0685.
2. Price could potentially retrace to the next LTF support at 1.0622 where the ichimoku cloud lies which can also serve as a dynamic support.
Idea
Price could potentially tap into 1.0622 before heading back up.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. Given Jan's whopping NFP print of 517k jobs, will the job market continue its resilience and stay strong consistently? Or was the month of January just an anomaly?
2. EUR is also riddled with plenty of economic news and data releases such as the retail sales m/m and CPI news release.
3. Mixed sentiments surrounding the USD due to the "hot and cold" data news releases, from the poor durable goods orders m/m due to Boeing , to the decent ISM manufacturing index and to the weakening consumer confidence in the US.
4. However, NFP will provide a confirmation to the upcoming bias for the dollar.
Technical Confluences
1. Price is currently rejecting off the H4 resistance at 1.0685.
2. Price could potentially retrace to the next LTF support at 1.0622 where the ichimoku cloud lies which can also serve as a dynamic support.
Idea
Price could potentially tap into 1.0622 before heading back up.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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