What a hot week it was for forex traders! Federal Reserve doesn’t expect to raise interest rates this year. As you know all were expecting one hike in 2019. So, the news was surprising and pushed EUR/USD up. But it was only jerk-reaction and washing out of weak sellers. As I mentioned many times – trade through the noise. Always try to focus on the bigger picture and keep calm if you see such reactions on news. ECB doesn’t plan to hike rates too. Besides economy slowdown is more significant in Europe.
Last week price got strongly rejected from the main resistance. Terrible PMI data was one more factor for EUR currency to drop. Besides, the UK received a short unsatisfying extension to Article 50. As you see all fundamentals are still bearish for EUR/USD and there is no reason for changes in money flow. As EU currency is weaker and has more pressure than US dollar.
Technical analysis confirmed our middle term target 1.11200 and I can even see an extension to 1.10500. As fall was sharp we may see a test of 1.12600 – 1.12700 on Monday. But anyway, we have to wait for a pullback to open new sells. So, watch 1.13600 – 1.13700 for targets 1.11500 and 1.11100. I will be looking for a new entry for managed accounts too.
Have a profitable week!
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