Analyzing the chart above we can conclude that the expected upside breakout was a false stroke and quickly got back below 1.1032. During today's session was also pierced by narrow consolidation support at 1.09. At the moment the market is under correction declines and tries to get back above the important resistance level at 1.09. Assuming this to be just a correction can be assumed that the exchange rate should not rise above 1.0930 (38% fibo today's decline). After the correction should be the next wave decline, which will lead to breaking the bottom of the channel growth (growth of 1,0456-1,1053). The alternative version of the course returns above 1.0930, and we will be stuck in consolidation.
Economic calendar for Friday:
11:30 USD FOMC Member Fischer speaks
13:30 USD GDP Price Index (quarterly)
13:30 USD GDP (quarterly)
15:00 USD Michigan Consumer Mood Index
USD 15:00 University of Michigan Consumer Sentiment Index, the final
20:45 USD Speech by the President of the Fed, Janet Yellen
Forecast for Friday:
Today's failed breakout above 1.1032 discussed changing situation on the currency pair. (The goal was to be after breaking the resistance located at 1.1099). Therefore, it must be assumed that if the EUR / USD above 1.0930 will not return to be expected with the completion of the correction of growth (1,0456-1,1053) in a strong downtrend (1,1380-1,0456). Please note that the lower limit of the upward channel is 1.0854 at the moment. Breaking the bottom will lead to accelerated decline, in the vicinity of 1.08 (38.2% fibo declines 1,1380-1,0456) and then in the vicinity of 1.0674 (23.6% fibo).
Negating the decline will naturally return to the interior of the consolidation above 1.0930, which in theory could lead to another test of 1.1032 but at present, this option is not taken into account.
Economic calendar for Friday:
11:30 USD FOMC Member Fischer speaks
13:30 USD GDP Price Index (quarterly)
13:30 USD GDP (quarterly)
15:00 USD Michigan Consumer Mood Index
USD 15:00 University of Michigan Consumer Sentiment Index, the final
20:45 USD Speech by the President of the Fed, Janet Yellen
Forecast for Friday:
Today's failed breakout above 1.1032 discussed changing situation on the currency pair. (The goal was to be after breaking the resistance located at 1.1099). Therefore, it must be assumed that if the EUR / USD above 1.0930 will not return to be expected with the completion of the correction of growth (1,0456-1,1053) in a strong downtrend (1,1380-1,0456). Please note that the lower limit of the upward channel is 1.0854 at the moment. Breaking the bottom will lead to accelerated decline, in the vicinity of 1.08 (38.2% fibo declines 1,1380-1,0456) and then in the vicinity of 1.0674 (23.6% fibo).
Negating the decline will naturally return to the interior of the consolidation above 1.0930, which in theory could lead to another test of 1.1032 but at present, this option is not taken into account.