
Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.
2019-11-11 • Updated
The euro started falling since the last Friday, February 16 and of course, it happened not without reasons. There are some factors that are negatively affecting the fiber now. So let’s look at them and conclude how they can affect the EUR/USD pair in the future.
However, the picture is not so dramatic. Despite the fact that Eurozone business growth lost some points in February, it still remains strong and anticipated to return its positions soon. According to the report, the European economy is expanding at the fastest pace in eight years. It means that the economic growth is on a quite good level, that will give reasons to the ECB to raise interest rates.
Another fact that can make the future of the euro more positive is the whole picture of the currency movement. If we look at the daily chart, we will see that the position of the euro is not so bad. The pair is almost repeating movements of the end of January – beginning of February. So the EUR/USD pair is moving in the trading channel with a resistance at 1.2520 and a support at 1.2210. Also, we can see the main upward trend since the middle of December 2017.
To sum up, we can say that several factors contributing to the euro fall now. However, the fall of the euro is not crucial. The economic growth remains solid and gives chances for interest rate hike in the soon future. But before that, the ECB should do some actions to prevent the euro from the further fall. According to the forecast of UOB, pressure on the euro will increase if it fails to return above 1.2435 during the next few days. Scotiabank warns that a decline below 1.2207 may trigger a "double top" with a target at 1.19. Of course, political events will play a big role too.
Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.
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