The week ahead looks positive for the EURO as Friday's close saw a Hammer Candlestick form on the support level generated from June 2017.
Near term, fib levels suggest that we will see some stalling or reversals between the 38.2% (1.1344) and 61.8% (1.1411) levels. Should we see price continue to rise opportunity lies ahead to run the course to the 100% level, 1.1518. Should it also break the near term resistance level at 1.1455.
Conversely, if the 38.2% and 61.8% levels hold and a retrace begins, breaking the June 2017 support level could see price action taking it to roughly 1.1184 to 1.1123 respectively.
Fundamental factors to include in these scenarios:
ECONOMIC DATA FLOW:
Tuesday: German ZEW Economic Statement
Wednesday: German PPI, US FOMC Meeting Minutes
Thursday: German Final CPI, French Final CPI, French PMIs, German PMIs, Eurozone PMIs
Friday: Draghi Speaks
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
Near term, fib levels suggest that we will see some stalling or reversals between the 38.2% (1.1344) and 61.8% (1.1411) levels. Should we see price continue to rise opportunity lies ahead to run the course to the 100% level, 1.1518. Should it also break the near term resistance level at 1.1455.
Conversely, if the 38.2% and 61.8% levels hold and a retrace begins, breaking the June 2017 support level could see price action taking it to roughly 1.1184 to 1.1123 respectively.
Fundamental factors to include in these scenarios:
ECONOMIC DATA FLOW:
Tuesday: German ZEW Economic Statement
Wednesday: German PPI, US FOMC Meeting Minutes
Thursday: German Final CPI, French Final CPI, French PMIs, German PMIs, Eurozone PMIs
Friday: Draghi Speaks
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.