EUR/USD – Week 8 – Corrective move ahead.

EURUSD lost some strength at the beginning of the week after the rise in US yields which offered some support to the USD. The 10-year yield reached 1.33%, the highest level in a year. This only boosted the US Dollar and depreciated the Euro by 100 pips at the beginning of the week.
From a technical perspective, the Euro ranged most of the week and ended the weekly trading session against the US Dollar just where it started.
In the coming days, we expect the price to increase in a corrective manner, our first target being the 1.2250 level. As you can see on the chart, we may encounter a resistance zone around the way that we expect to be broken and make room for the price to reach the target that we mentioned.
Important news events to keep an eye on for this week are the US Annualized GDP on Wednesday and the Michigan Consumer Sentiment Index on Friday that can cause some volatility around the Dollar.
Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

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