EURUSD: Weekly Forecast 17th October2021
EURUSD broke above the top of a falling channel and a supply zone at 1.1590, marking an end of the current short-term bearish trend.
The market may falling into a ranging market or reverse into a short-term bullish trend towards the top of a 5-month falling wedge.
At the same time, the dollar is retreating from its high amid the market has already priced in a Fed tapering and needs more clue towards rate hike before dollar will strengthen again.
This week, we will be focusing on buying the bullish reversal, awaiting a pullback towards 1.1570 demand level.
The market may falling into a ranging market or reverse into a short-term bullish trend towards the top of a 5-month falling wedge.
At the same time, the dollar is retreating from its high amid the market has already priced in a Fed tapering and needs more clue towards rate hike before dollar will strengthen again.
This week, we will be focusing on buying the bullish reversal, awaiting a pullback towards 1.1570 demand level.
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