EURUSD Potential Forecast | 1st March 2023
Fundamental Backdrop
1. FX market has been very data driven.
2. Consumer confidence declined again in February, printing 102.9 compared to a forecast 108.5.
3. Along with the durable goods order printing -4.5% m/m compared to forecast, this resulted in heavy bullish momentum coming in on the EURUSD.
4. However, due to the strong economic resilience of the US, with retail sales previously printing very positively, and inflation remaining heightened, USD has further upside potential and EURUSD can continue heading down.
Technical Confluences
1. The overall bias for EURUSD is strong bearish and price can potentially create a new higher timeframe beyond 1.05327.
2. Price is on a retracement and have since partially corrected half of the bullish movement from Monday to Tuesday.
3. Price is still on a bearish trend, forming lower lows and lower highs.
4. Price has tested the resistance level at 1.0633 and bearish continuations ensued.
Idea
I will be looking for price to possibly retest the resistance at 1.0595 before bearish movement continues and for price to potentially form a new low at 1.05327.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. FX market has been very data driven.
2. Consumer confidence declined again in February, printing 102.9 compared to a forecast 108.5.
3. Along with the durable goods order printing -4.5% m/m compared to forecast, this resulted in heavy bullish momentum coming in on the EURUSD.
4. However, due to the strong economic resilience of the US, with retail sales previously printing very positively, and inflation remaining heightened, USD has further upside potential and EURUSD can continue heading down.
Technical Confluences
1. The overall bias for EURUSD is strong bearish and price can potentially create a new higher timeframe beyond 1.05327.
2. Price is on a retracement and have since partially corrected half of the bullish movement from Monday to Tuesday.
3. Price is still on a bearish trend, forming lower lows and lower highs.
4. Price has tested the resistance level at 1.0633 and bearish continuations ensued.
Idea
I will be looking for price to possibly retest the resistance at 1.0595 before bearish movement continues and for price to potentially form a new low at 1.05327.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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