EUR/USD has been quite impressive with the recent non-volatile bearish impulsive momentum. Currently, the price is residing below 1.20 support area from where it is expected to retrace for a certain period before the bearish trend continues with its impulsive momentum.
USD has been quite mixed with the recent high impact economic reports which did not quite weaken the strength of the currency whereas it is getting stronger every day. The decrease in Unemployment Rate to 3.9% from the previous value of 4.1% did help USD to gain some confidence but not meeting the expected figure of Non-Farm Employment Change and Average Hourly Earnings lead to certain confusion in the market sentiment whereas EUR has also been struggling with the worse economic reports published lately.
Today EUR German Factory Orders report was published with decrease to -0.9% from the previous value of 0.3% which was expected to increase to 0.5%, Retail Sales PMI was decreased to 48.6 from the previous figure of 50.1 and Sentix Investor Confidence report was also published with decreased figure of 19.2 from the previous figure of 19.6 which was expected to increase to 21.2.
On the other hand, ahead of the PPI and CPI reports to be published this week, today FOMC Member Bostic and Barkin is going to speak about the upcoming interest rates decision which is expected to be quite neutral in nature and Consumer Credit report is going to be published which is expected to increase to 16.2B from the previous figure of 10.6B. Additionally, tomorrow Fed Chair Powell is going to speak tomorrow about the economic developments, interest rates and upcoming monetary policy which is expected to have a greater impact on the upcoming price action of the market.
As of the current scenario, USD is expected to continue its bearish impulsive pressure until any worse economic report or event impacts the growth of the USD in the coming days. EUR is expected to struggle further as the upcoming holidays and dovish economic reports forecasts to be published in the coming days of the week.
Now let us look at the technical view. The price is currently quite impulsive with the bearish gains whereas certain bullish pressure was observed in the first hours but it was later engulfed quite well with the intraday candles. Currently, the price is residing below 1.1950 area which is expected to push much lower towards 1.1720 support area in the coming days. As the price remains below 1.2050 area, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD has been quite impressive with the recent non-volatile bearish impulsive momentum. Currently, the price is residing below 1.20 support area from where it is expected to retrace for a certain period before the bearish trend continues with its impulsive momentum.
USD has been quite mixed with the recent high impact economic reports which did not quite weaken the strength of the currency whereas it is getting stronger every day. The decrease in Unemployment Rate to 3.9% from the previous value of 4.1% did help USD to gain some confidence but not meeting the expected figure of Non-Farm Employment Change and Average Hourly Earnings lead to certain confusion in the market sentiment whereas EUR has also been struggling with the worse economic reports published lately.
Today EUR German Factory Orders report was published with decrease to -0.9% from the previous value of 0.3% which was expected to increase to 0.5%, Retail Sales PMI was decreased to 48.6 from the previous figure of 50.1 and Sentix Investor Confidence report was also published with decreased figure of 19.2 from the previous figure of 19.6 which was expected to increase to 21.2.
On the other hand, ahead of the PPI and CPI reports to be published this week, today FOMC Member Bostic and Barkin is going to speak about the upcoming interest rates decision which is expected to be quite neutral in nature and Consumer Credit report is going to be published which is expected to increase to 16.2B from the previous figure of 10.6B. Additionally, tomorrow Fed Chair Powell is going to speak tomorrow about the economic developments, interest rates and upcoming monetary policy which is expected to have a greater impact on the upcoming price action of the market.
As of the current scenario, USD is expected to continue its bearish impulsive pressure until any worse economic report or event impacts the growth of the USD in the coming days. EUR is expected to struggle further as the upcoming holidays and dovish economic reports forecasts to be published in the coming days of the week.
Now let us look at the technical view. The price is currently quite impulsive with the bearish gains whereas certain bullish pressure was observed in the first hours but it was later engulfed quite well with the intraday candles. Currently, the price is residing below 1.1950 area which is expected to push much lower towards 1.1720 support area in the coming days. As the price remains below 1.2050 area, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
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