I am sure you all made good profits as per my previous EUR/USD forecast. Last week almost all US reports were positive. GDP showed a 3.2% growth. Job growth, retail sales, manufacturing activity, and inflation ticked higher and supported our shorts in EUR.
Coming week is crucial for the American dollar — all eyes on FOMC meeting. Last time Fed was so cautious about their view on the US economy. I have a feeling this week their tone will be more positive. Well, they don’t have to follow my guessings. But let’s see. In a word, all in Fed’s hands now. The most conservative traders should wait for a statement before taking a trade. Besides, the chat is silent too.
I mentioned many times that 1.11200 – 1.11000 would be buying opportunity, but no signal yet. So, watch the price action, accumulation (if any) and volumes. The volume will be a crucial factor coming week. I will consider longs with 1.13200 targets after spike with significant volume and pullback. Bounce up with low volume will invalidate this scenario. And in this case, I will watch for rejection with substantial volume to go short with 1.1060 target. So, no hurry in making money! Patience pays in trading. I believe you all aware of it. Last Friday I made only small scalping in EUR. But now will be waiting for a swing entry.