Reasons behind the USD's advance, the earnings season in the United States, the outlook for EUR, JPY, Apple, Amazon, and more in this video!
EUR/USD: forecast for November 13-17
EUR/USD has managed to correct to the upside.
The euro was driven up by stronger-than-expected German trade and current account data. In addition, there was a very decent reading of the euro area’s retail sales. A decline in German industrial production was the only thing that rained on the region’s parade, but all in all the European economy is considered to be in a good shape.
Comments from the ECB officials let the market know that while the central bank is not planning to raise interest rates anytime soon, it’s not planning to increase monetary stimulus either.
The coming days will offer more information about the euro area’s economic health. Don’t miss the preliminary GDP data for the third quarter and German ZEW economic sentiment on Tuesday and the euro zone’s final CPI on Thursday. The ECB president Mario Draghi will speak on Tuesday and Friday. The first speech will be especially important.
Resistance is located in the 1.1700/20 area (downtrend resistance, 100-week MA). The next obstacle for bulls will be at 1.1800. As for support, it’s situated at 1.1620, 1.1580 and 1.1550.
This week, we will continue monitoring the developments in the stock and commodity markets as tensions between Ukraine and Russia and Fed’s tightening cycle remain the main issues driving the markets.
Check the big and important update for Forex and commodities' traders
Gold is about to break the most significant support. The US dollar index keeps gaining momentum. However, the situation might change this week, and we might see a tiny correction. Investors might return to risk-on and push the US stock market indices and cryptocurrencies to the upside. These and more trade ideas are in our new weekly video! Do not miss it!
This week is likely to be pivotal for many assets, including gold, USD, and several stocks. However, we need to be focused and react fast to the ever-changing environment to get the most from it.
This week, the majors will be affected by the interest rate decision by the Federal Reserve, NFP, the BOE Meeting, and more events.