SasoKlobucaric

EUR/USD forecast 4-9 December 2015

FX:EURUSD   Euro / U.S. Dollar
EUR/USD stay aside on Friday, NFP day

Recently

EUR/USD was in a tight range of only 40 pips on Monday. There was a small short squeeze seen on Tuesday but the pair was able to bounce off its highs at 1.0637 during Wednesday night. And then comes the day when markets got a hit on Thursday as Draghi did lower the deposit rate, delivered the extension of QE but didn't expand the size of monthly purchases. EUR/USD exploded to the upside making the widest range of 460 pips since 2009. Furthermore, US non farm payrolls numbers were quite good again on Friday and seem to be strong enough for the FED to start hiking the benchmark interest rate at its next meeting on 16th of December 2015. The most important sub-component of job data was average hourly earnings which rose by 4 cents to 25.25.

Ahead

Despite strong upside EUR/USD momentum the pair could have been overextended on Thursday, so a correction may fallow suit

Comments

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