EURUSD Market Overview
USD selling pressure has been seen this week, due to the most recent weekly jobless claims falling to a less than expected figure.
US T-Bonds gave the US Dollar Index some small gains.
The Euro Commission revealed that the Eurozone growth forecast for 2021 fell to 3.8% from 4.2% Not so good right?! The economy is looking weaker and it doesn't help that Euro Central Bank Policy Maker, Mr. Makhlouf acknowledges the weakened economic growth of Europe.
Its clearly mixed data here for EURUSD, and I personally don't plan to trade EURUSD as of now. There is strong resistance shown on the 4H Timeframe and until price can break and retest this structure, I wont be looking to Long the pair.
But why long? Check out my analysis, the Monthly and Weekly are showing a Bullish setup. As a result, I am waiting for the Daily and 4H to align with my anticipated move to the upside; I'll be waiting for a shift in market tone.
US T-Bonds gave the US Dollar Index some small gains.
The Euro Commission revealed that the Eurozone growth forecast for 2021 fell to 3.8% from 4.2% Not so good right?! The economy is looking weaker and it doesn't help that Euro Central Bank Policy Maker, Mr. Makhlouf acknowledges the weakened economic growth of Europe.
Its clearly mixed data here for EURUSD, and I personally don't plan to trade EURUSD as of now. There is strong resistance shown on the 4H Timeframe and until price can break and retest this structure, I wont be looking to Long the pair.
But why long? Check out my analysis, the Monthly and Weekly are showing a Bullish setup. As a result, I am waiting for the Daily and 4H to align with my anticipated move to the upside; I'll be waiting for a shift in market tone.
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