EURUSD: Weekly Forecast 7th November 2021
EURUSD was ranging and attempting a recovery but was dismissed by a strong NFP, causing the price to break towards the downside.
However, the price was able to find support at a previous low at 1.1527 and may climb a little further before resuming falling.
As the Fed has started tapering while the ECB is still holding to a low rate stance, following a strong NFP and even lower unemployment rate is going to help push the price even lower substantially.
This week, we will be looking to sell as the price pulls back a little towards 1.1580, followed by 1.1590, targeting the previous low again and eventually breaking lower and towards the 16-month demand level at 1.1450.
However, the price was able to find support at a previous low at 1.1527 and may climb a little further before resuming falling.
As the Fed has started tapering while the ECB is still holding to a low rate stance, following a strong NFP and even lower unemployment rate is going to help push the price even lower substantially.
This week, we will be looking to sell as the price pulls back a little towards 1.1580, followed by 1.1590, targeting the previous low again and eventually breaking lower and towards the 16-month demand level at 1.1450.
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.