EUR headed down? USD Strengthening? We'll see next week.
EUR Dropped slightly on Friday morning, coming down to a low of about 1.08362 trying to break support structures. However the bears couldn't quite get past it.
Per previous predictions based off of various data, we did see a retrace back up consolidating for the end of the week below the high.
This will likely become become a new Support or Resistance structure later on as we likely move back down.
Analysis for the 5 Minute timeframes show that we very well may come back down to continue a down trend, making occasional retracements.
As DXY show, the USD did come to a low of around 104.086 before making a higher low, consolidating into a new possible support structure.
However SPX500 and DJI did break highs, so this may show decreased interest in the USD, which will impact the USD negatively.
Keep an eye on news reports Sunday as the GBP monthly HPI releases along with CNY reports, which will impact the USD value.
Small piece of information for any new traders still trying to get a handle on things:
Remember that geopolitical news and daily ongoings will impact currency values.
Things such as Corn, Cattle, Crude Oil, Precious Metals & more all affect currencies.
Keeping an eye on these things will help determine where values are going.
Keep an eye on these websites to track news for Forex, Metals and Cryptocurrency.
https://www.forexfactory.com/
https://www.metalsmine.com/
https://www.cryptocraft.com/
And here's a Correlation map for Currency pairs.
https://www.mataf.net/en/forex/tools/correlation
Good Hunting Traders.
Per previous predictions based off of various data, we did see a retrace back up consolidating for the end of the week below the high.
This will likely become become a new Support or Resistance structure later on as we likely move back down.
Analysis for the 5 Minute timeframes show that we very well may come back down to continue a down trend, making occasional retracements.
As DXY show, the USD did come to a low of around 104.086 before making a higher low, consolidating into a new possible support structure.
However SPX500 and DJI did break highs, so this may show decreased interest in the USD, which will impact the USD negatively.
Keep an eye on news reports Sunday as the GBP monthly HPI releases along with CNY reports, which will impact the USD value.
Small piece of information for any new traders still trying to get a handle on things:
Remember that geopolitical news and daily ongoings will impact currency values.
Things such as Corn, Cattle, Crude Oil, Precious Metals & more all affect currencies.
Keeping an eye on these things will help determine where values are going.
Keep an eye on these websites to track news for Forex, Metals and Cryptocurrency.
https://www.forexfactory.com/
https://www.metalsmine.com/
https://www.cryptocraft.com/
And here's a Correlation map for Currency pairs.
https://www.mataf.net/en/forex/tools/correlation
Good Hunting Traders.
