Weekly Forex Outlook: August 20-24
The week won’t be notable with a big number of economic events.
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.
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Weekly Forex Outlook: August 20-24
The week won’t be notable with a big number of economic events.
Webinar "FUNDAMENTAL ANALYSIS. How to understand policy of central banks?"
Forex traders often hear about central bank meetings which provoke rapid currency moves, but don’t know how to predict the outcomes of these events.
Trading plan for Aug 16
The USD index rose to the highest level since June 2017 on Wednesday but then pulled back on Thursday.
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