EUR/USD Forecast. A temporary break before the fall

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EUR/USD Forecast. A temporary break before the fall
April 17, 2017
Author
Richard NaidooRichard Naidoo
EUR/USD Forecast. A temporary break before the fall

Last week's results

Last week, the market consolidated within a narrow range of prices: traders who opened long positions, closed losses, and traders who sold the asset, recorded profits. As expected, a flat was formed. What to expect for us in the next 5 trading days?

Fundamental Forecast for the EUR / USD

The current week is again not rich with interesting news that could have a serious impact on the market. However, it is worth paying attention to the following news:

  • The number of building permits granted for March (US, Tuesday, 14.30, GMT +2)

Small growth expected from 1.216M to 1.245M

  • The consumer price index for March (Eurozone, Wednesday, 11.00, GMT +2)

Analysts do not expect changes in the index, equal to 1.5%

  • Index of manufacturing activity from the Federal Reserve Bank of Philadelphia (USA, Friday, 14.30, GMT +2)

A decrease is expected from 32.8 points to 26.9

Conclusion on the fundamental forecast

In general, the economic background is more favorable for the dollar, we do not expect a sharp strengthening of the American currency after the release of statistics, however, we do not expect a trend change either

Technical Forecast for the EUR / USD

The currency pair EUR / USD is consolidating in a narrow range and this week analysts expect a further fall. This is signaled by the following indicators:

  • Price below 161 MA
  • The price pushed off from 423 MA and 261 MA

Conclusion on technical forecast

We expect a continuation of the downtrend, we can actively sell after the breakthrough of the support level 1.05628, which is located below the weekly minimum.

Pivot Points

  • Bull Market: 1.06908
  • Bear market: 1.05628

Recommendations for the trading week

The next few days can be calm and show a steady downward trend, than traders who prefer trading in a trend can use. By the way, we have prepared a strategy and would like to share it with you. You can read more about how to trade on the trend here.

Broker review update

We have prepared a small review of the broker of binary options 24Option, which has a free demo account. This review will help you to know the pros and cons of this broker, and if you have experience of trading with him, then share your opinion.

EUR/USD Forecast. A temporary break before the fall

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