Last week's results
By the middle of the week, investors fixated profit, resulting in a correction, as we warned in the previous forecast. With the release of unemployment statistics, the US Dollar has continued to strengthen.
Fundamental Forecast for the EUR/USD
Let's take a closer look at the news, which may affect the price of EUR / USD:
- The producer price index in the US (Thursday, 14:30, GMT + 2)
- The basic price index in the US (Friday, 14:30, GMT + 2)
Conclusion on the fundamental forecast
As you can see, this week is sparse on interesting news that could have changed the trend for the asset, so traders expect the Dollar to gradually strengthen against the Euro.
Technical Forecast for the EUR/USD
The asset continues to form a bearish trend, as portrayed by the indicators:
- MACD shows strengthening of bearish positions
- Price broke through the top-down fan Moving Averages
- Price has approached the support level of 1.05960 (Pivot Points)
Conclusion on technical forecast
Traders do not expect active movement for weeks, as well as news that could change the trend for the asset. Based on these facts, analysts recommend that you continue to trade on the trend and sell the asset.
- Bull market: 1.08453
- Bear market: 1.05960
Recommendations for the trading week
The current trading week can work out trend strategies very well. By the way, we recently created one of these strategies, which shows excellent results, if you trade on the trend. More can be read about it here.
A brief overview of a broker with a license
We continue a series of short reviews about brokers. This week we have prepared a review about one of the market leaders - 24Option. The broker provides a free demo account, as well as a professional trading platform. An overview can be found in this article.