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EURUSD Forecast: ECB’s “impactful and significant” stimulus package

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.

Technically;

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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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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