Economic Calendar for Tuesday:
Germany: German retail sales and the German unemployment change;
France: French consumer spending;
Eurozone: Consumer Price Index;
US: Chicago PMI and the consumer confidence index CB ;
The currency pair is constantly under pressure, which leads to significant further declines. On Friday, there was a knock upside the bottom of the channel (1,0456- 1.1052) and today we saw the confirmation of breaking. What does it mean? In my opinion, should expect further declines, of course, interspersed with small adjustments.
Forecast for Wednesday:
Due to the high buying, it is possible to a small rebound in the 1.0856 area. Then supply should lead to a test of support at 1,0760-1,08. In the event of defeat support, opens the way to lower price levels in the vicinity of 1.06 (tomorrow so low beyond the supply). The data that will be announced tomorrow in Europe, even if they do not have better support demand. What this suggests? Last market of live data from the US, which can zoom in or out increases in interest rates in the US.
In my opinion, a currency pair is in the process of developing further declines. It's hard at the moment to assess what can promote increases in the EUR / USD pair. More factors point to further declines.
The alternative version of the correction reaches the of 1.09, where the game should turn to the supply side. In case of breaking the mountain more than 1.09 situation for the players to drop a little complicated.