Change of the trend or what is waiting for us at EUR/USD?

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Change of the trend or what is waiting for us at EUR/USD?
April 24, 2017
Author
Richard NaidooRichard Naidoo
Change of the trend or what is waiting for us at EUR/USD?

Last week's results

The asset has completed the correction and now a bullish trend is forming. Analysts are not yet fully confident that the pair will continue the upward trend. However, for the growth of the pair there are good prerequisites, we will look at them in more detail.

Fundamental Forecast for the EUR/USD

Is there any interesting news that can affect the asset this week? Undoubtedly. Consider the most important of all:

  • Monday: Germany's IFO Business Climate Index for April

Analysts expect a slight increase in this index, which could strengthen the position of the Euro

  • Tuesday: Consumer confidence index and New home sales in the US

A decrease in the rates for both statisticians is expected, which will weaken the Dollar

  • Thursday: The ECB's decision on the interest rate.

Changes are not expected, so this news is unlikely to affect the currency

  • Friday: GDP in the US

Perhaps, the most interesting news of the current week. Compared to the previous decline, a significant decrease is expected from 2.1% to 1.1%. In case of a decline, the Dollar is likely to weaken against other currencies, including the Euro

Conclusion on the fundamental forecast

As we can see, the fundamental analysis shows a negative background for the US currency, so analysts and traders expect the dollar to fall against other currencies.

Technical Forecast for the EUR/USD

Analysts believe that the pair EUR/USD will continue the bullish trend, as the indicators of technical analysis contribute to this. Which indicators show growth by pair?

  • The pair is fixed above 423 and 261 MA
  • 161 MA acts as a support
  • MACD completes the overbought phase
  • The price has pushed away from the 50% Fibonacci level

Conclusion on technical forecast

Indicators also show growth over the pair, so when Pivot Point breaks 1.07535 analysts recommend buying an asset.

Pivot Points

  • Bull market: 1.07535
  • Bear market: 1.06503

Recommendations for the trading week

The first half of the week can bring good interest to traders who will find good points for buying an asset. We recommend you pay attention to Pivot Point 1.07535, which is located just below the local maximum. A break of this level gives a good signal for buying a pair.

Broker review update

We continue a series of short surveys on brokers, on which we tried to bargain. One of these brokers is AnyOption. The broker deserves attention due to its advantages. However, there are also disadvantages, which we also mentioned. What are the shortcomings of the broker? Read in our review about AnyOption.

Change of the trend or what is waiting for us at EUR/USD?

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