EURUSD Forecast: ECB’s “impactful and significant” stimulus package
U.S Retail Sales data and its revised components showed that Powell was right about the US Economy.
Disappointing Eurozone data set adds weight on Euro.
For the European Central Bank, policymaker Olli Rehn’s comments that the ECB should come up with an “impactful and significant” stimulus package caused bond yields to drop on Thursday but markets in Italy, home of the banks that are most sensitive to bond movements, was closed. So look for a delayed reaction on Friday in the Italian banking sector.
We have reached our sub-target of 1.10900.
Breakout of 1.10900 will send the price 1.10770 and 1.10630.
We see an emerging Bullish Bat pattern which would be completed at 1.10630. However, this pattern may end up with Alt Bat 1.09900.
Those levels can be used as a buying opportunity. We will send notification as soon as we get the confirmation.
However, one more time: Global Dollar Rally has not started yet. Our medium term target levels for EURUSD pair are 1.09900, 1.08800. And Global Dollar Rally will start when EURUSD closes below 1.08800.
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