EURUSD: Week 41 Outlook
The EUR/USD outlook remains fairly untouched, as we are still within the Falling Wedge Pattern (a bullish system.) The Euro closed up +0.35% against the US Dollar Friday, creating a bullish Low Test Candle, another indication of upward movement.
With BREXIT and U.S.-Chinese negotiations going on we will see what catalyst will drive the price of the Euro higher. With a slight revision, we see 1.075 as the first headwind that the price may face before moving higher. If we look at the visible volume range in chart we can potentially see where the orders sit to react to price. We believe that the BREXIT situation will have the largest effect on the Euro and a frustrated China will affect the US Dollar in the coming days and weeks.
THE PLAY: We stand neutral on the EUR/USD until we 1.10 and close, proving that we are moving higher.
With BREXIT and U.S.-Chinese negotiations going on we will see what catalyst will drive the price of the Euro higher. With a slight revision, we see 1.075 as the first headwind that the price may face before moving higher. If we look at the visible volume range in chart we can potentially see where the orders sit to react to price. We believe that the BREXIT situation will have the largest effect on the Euro and a frustrated China will affect the US Dollar in the coming days and weeks.
THE PLAY: We stand neutral on the EUR/USD until we 1.10 and close, proving that we are moving higher.
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