Before us another week in which the market will particularly pay attention to Friday's US data on unemployment rate and change in nonfarm employment. It also will track the occurrence of Yanet Yellen on Wednesday, which will refer to the latest data from the US. On Tuesday we will know the ISM index in the US.
9:15 EUR PMI for manufacturing in Spain
9:45 EUR PMI manufacturing index in Italy
9:50 EUR PMI manufacturing index in France
9:55 EUR PMI manufacturing index in Germany
10:00 EUR PMI for industry
16:00 USD Order factories
21:10 USD FOMC member's speech, Williams
Forecast for Monday:
After the recent strong increases in the market should lead to a correction. currency pair is heavily subscribed. In this case, the EUR / USD should direct you down and break the 1.1141, which will open the way towards 1.11 and 1,1034-50. First support is 1.1141 as the lower limit of channel growth, which should give answer whether the market is ready for a correction. If the support will be defended then we can see another wave up. In this case, the market will try to break through the last high of 1.1289. A positive test may open the way towards 1.14.
In my view, the preferred option should be a variant of a correction, which should break support at 1.1141 and then head for the 1,1034-50.
Note: tomorrow we will see a number of important data from Europe and, if very strong readings, , which assumes declines, may be subdued euphoria and demand will lead to growth.
Comments are welcome