Euro / DollaroLong
EURUSD: Weekly Forecast 12th - 16th August
The EURUSD made one of the strongest bullish runs in more than a month as daily volume surge to a 20-month high from a 27-month low.
The price, however, fell into consolidation for the rest of the week as it got resisted by a 2-week supply zone.
The US economy continues to show a slowdown and Fed members have been dovish enough as they see more rate cuts are needed in the near future.
No doubt that the eurozone is always facing economic slowdown and uncertainties such as Brexit, there' are signs for further technical rebound in the next couple of weeks.
In this week, we are expecting that the price will retrace lower during the consolidation phrase before it embarks on another bullish run.
Look for buying opportunity from 1.1115 to the demand zone at 1.1110.
However, if the price were to retrace too deep and break below 1.1110, the sentiment will turn bearish and EURUSD will once again break new low.
The price, however, fell into consolidation for the rest of the week as it got resisted by a 2-week supply zone.
The US economy continues to show a slowdown and Fed members have been dovish enough as they see more rate cuts are needed in the near future.
No doubt that the eurozone is always facing economic slowdown and uncertainties such as Brexit, there' are signs for further technical rebound in the next couple of weeks.
In this week, we are expecting that the price will retrace lower during the consolidation phrase before it embarks on another bullish run.
Look for buying opportunity from 1.1115 to the demand zone at 1.1110.
However, if the price were to retrace too deep and break below 1.1110, the sentiment will turn bearish and EURUSD will once again break new low.
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