Sforex
Short

EURUSD: Payrolls, EZ+Ger CPI are main driver this week.

FX:EURUSD   Euro / U.S. Dollar
134 0 4
EURUSD             passed 6 consecutive sell-off days but the volatility was very low.

The question is will this drop continue in this week or just temporary ?

Many traders considers that this drop is just temporary because the volatility is very low so a soar will likely occur in the near future.

However, in my opinion, I don't think this drop will stop now.

This drop should reach to fair level: Key support 1.1050 first, then we could talk about the appreciation.

Moreover, I don't see enough momentum for the rally.

This week, US data dominate financial market , while we only have two main pieces of data of EZ : EZ + Ger             CPI             , so I think traders would concentrate in US data than EZ data.

The key datum this week is US Payrolls on Friday. Before it, we have lot of data to pre-forecast it, I will provide more detail in my page and in my website.

Come back chart, 1.1375 seems will be the top of EURUSD             at least in the medium term. If FED rejects to talk about more rate hike, this top will be challenged, but now I don't think EURUSD             could break this resistance.

Key support is at 1.1050 where I see:

- SMA200
-SMA50
- Kumo cloud.

Three components are lying there.

Hence, I think EURUSD             will fall to this support this week.

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