Next week, there is no major economic data of Eurozone : Just a Mario Draghi speech and a central bank meeting but this is a non-monetary meeting.
US data have an ISM Non-manufacturing PMI and FOMC Minutes.
If there is no significant change I don't think FOMC Minutes would provide somthing new cause weak payrolls last weeks restricted any surprising action from FED.
It's very difficult to trade EURUSD currently, the main reason is we lack of Fundamental guide : Both ECB and FED don't have a CLEAR and SUITABLE monetary policy while EZ and US economic data is very mixed.
More negative than positive. This explained why EURUSD retraced strongly after hiitng day high on last Friday despite of weak payrolls. Euro is still vulnerable because the fact German demand is quite weak.
Hence, I lean to downside than upside.
- Technical Analysis
While FA favors downside, TA favors upside.
Look at on the chart, a double bottom patterns which strong support at 1.1100
1.1300 is a strong resistance :E/U bounced from this level many times.
RSI indicator show it hold firmly on the support: upside remains.
One more thing: EURUSD still keeps below Kumo cloud.
I think the best case is waiting a break : At least E/U must break 1.1300 or 1.1100 :That is the range E/U sideways.
Comments
FXKOPPA
⋅
I do support your point of view
KVE
⋅
Nice!
ucw
⋅
We are going to 1400's we are going to finish exhausting the leg before we can head down. Have to understand how we progress. There are untested levels up there. This is all distribution. Be patient,