Macroeconomic Outlook
Tomorrow is the ECB rate decision, which will have a significant impact on the DXY (Dollar Index).
We'll then follow the US unemployment claims data.
In the next week, we will follow the US growth and Fed rate statement.
If the economic data starts to look bad on the US side, we may see a sharp downward pullback on the DXY-Dollar side.
Recession risk will play an important role in the attitude of central banks.
The war and energy crisis in Europe delayed interest rate hikes.
According to Technical Analysis
When we look at the price chart in the Weekly Term
The price rose as high as the double bottom formation it formed between the $90-100 levels.
For the price to enter a downtrend, it has to break the trendline.
If the price drops below the $105 level after breaking the trendline, it could mean that the downtrend will begin.
Tomorrow is the ECB rate decision, which will have a significant impact on the DXY (Dollar Index).
We'll then follow the US unemployment claims data.
In the next week, we will follow the US growth and Fed rate statement.
If the economic data starts to look bad on the US side, we may see a sharp downward pullback on the DXY-Dollar side.
Recession risk will play an important role in the attitude of central banks.
The war and energy crisis in Europe delayed interest rate hikes.
According to Technical Analysis
When we look at the price chart in the Weekly Term
The price rose as high as the double bottom formation it formed between the $90-100 levels.
For the price to enter a downtrend, it has to break the trendline.
If the price drops below the $105 level after breaking the trendline, it could mean that the downtrend will begin.
