Euro Currency Forecast for the Upcoming Week
Last week, the Euro (EUR) fell below its yearly low 2023 for the first time in several months, and retrace back breaking through the bearish premium discount trend during the NFP news release. This suggests that a retracement may be imminent.
As seasonal tendency also align that there is potential retracement in Euro and Dxy
I am currently monitoring the 1.05024 how it going through trade below. However, I will exercise caution in the upcoming week and limit my trading to intra-scalping, avoiding any swing positions.
I remain convinced that the EUR has room for further downside movement, particularly towards the monthly fair value gap at 1.03930. I am also closely monitoring the emergence of a bearish weekly fair gap, which could act as resistance. If it does indeed provide resistance, I anticipate a downward movement, especially if the weekly premium discount array holds.
A significant break in the daily timeframe's market structure would be required for me to consider a bullish stance or switched my gear on the EUR.
In summary:
The EUR is expected to continue its downward trend in the upcoming week.
Trading will be limited to intra-scalping to exercise caution.
The EUR has room for further downside movement, particularly towards the monthly fair value gap at 1.03930.
A bearish weekly fair gap could emerge and act as resistance.
Long positions on the EUR will be avoided until a significant change in the daily timeframe's market structure is observed.
As seasonal tendency also align that there is potential retracement in Euro and Dxy
I am currently monitoring the 1.05024 how it going through trade below. However, I will exercise caution in the upcoming week and limit my trading to intra-scalping, avoiding any swing positions.
I remain convinced that the EUR has room for further downside movement, particularly towards the monthly fair value gap at 1.03930. I am also closely monitoring the emergence of a bearish weekly fair gap, which could act as resistance. If it does indeed provide resistance, I anticipate a downward movement, especially if the weekly premium discount array holds.
A significant break in the daily timeframe's market structure would be required for me to consider a bullish stance or switched my gear on the EUR.
In summary:
The EUR is expected to continue its downward trend in the upcoming week.
Trading will be limited to intra-scalping to exercise caution.
The EUR has room for further downside movement, particularly towards the monthly fair value gap at 1.03930.
A bearish weekly fair gap could emerge and act as resistance.
Long positions on the EUR will be avoided until a significant change in the daily timeframe's market structure is observed.
Trade closed manually:
A retracement that was maybe be imminent in posted on saturday so it coming in market, so I'm currently on the sidelines. Looking ahead, this week holds the FOMC meeting and CPI news. I've already closed out a successful trade on EUR/USD during today's London session, so I'm taking a break for now.
