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EURUSD Forecast And Technical Analysis

EURUSD Forecast And Technical Analysis

Dovish FED  triggered the EURUSD’s bullish move and the attention shifts towards the ECB President Draghi’s speech, fresh Brexit and Italian political headlines.

Today’s EUR calendar has a plenty of events to watch out other than the central bank speakers. The German prelim CPI data due at 1300 GMT is likely to headline a busy day ahead. Ahead of the German inflation figures, the Swiss Q3 GDP figures at 0645 GMT, German jobs at 0855 GMT and the UK net lending to individuals data (0930 GMT) are slated for release. Also, a flurry of confidence numbers from the Eurozone due on the cards at 1000 GMT will be eyed for fresh incentives.

In the NA session, the US core PCE price index, personal spending and usual weekly jobless claims data will be reported at 1330 GMT. At the same time, the Canadian Q3 current account data. In the American mid-morning, the pending home sales report will be published at 1500 GMT. However, the main event risk for today remains the minutes of the November FOMC meeting due for release at 1900 GMT. Markets will look for fresh cues on the Fed’s policy tightening path, especially after the recent dovish comments by the Fed Chair Powell.

Central Banks Speak :

0800 GMT: ECB President Draghi and Vice-President Guindo

0900 GMT: ECB Governing Council member and Bank of Portugal Head Costa

1315 GMT: ECB Governing Council member Angeloni

1900 GMT: FOMC members Mester, Evans, Harker, Kashkari, Kaplan and Rosengren will appear on panels at an event organized by the Fed’s Boston branch.

One of the key data that markets will be focused today is Germany CPI. If CPI  shows a bigger-than-expected slowdown in inflation growth while the core PCE remains at or above 2 percent, we may see the pair pulling back to 1.13***  support.

Technically:

The pair is trading just above 1.13800 key resistance at 1.13870. On the upside 1.14000 SMA 100 and 1.14400 will be the key resistance.

We see a bearish swan pattern is being printed on the H4 Chart and a bearish reversal seems most possible at 1.14000-1.14100 territory.

The pair is likekly to test 1.13500 first. German CPI will determine the intraday direction of EURUSD.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

EURUSD Forecast:  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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