The price has reacted well within the extreme discounted zone between the 0.62 and 0.70 Fibonacci levels. This has led to a clear breakout above the descending channel, potentially indicating a bullish presence in the market. However, while a bullish outlook is plausible, we must remain open to the possibility of selling opportunities, albeit with more patience.
As we progress into this week, economic activities are relatively sparse. Nevertheless, there are key events to watch:
- **Preliminary GDP (Q/Q)**: Previous: 1.3%, Forecast: 1.6%
- **Unemployment Claims**: Previous: 218K, Forecast: 215K
- **Pending Home Sales (M/M)**: Scheduled for Thursday
These events, particularly the Pending Home Sales data, may support bullish price action in the EUR/USD pair.
As we progress into this week, economic activities are relatively sparse. Nevertheless, there are key events to watch:
- **Preliminary GDP (Q/Q)**: Previous: 1.3%, Forecast: 1.6%
- **Unemployment Claims**: Previous: 218K, Forecast: 215K
- **Pending Home Sales (M/M)**: Scheduled for Thursday
These events, particularly the Pending Home Sales data, may support bullish price action in the EUR/USD pair.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.