Really didn't expect this rally down last week. It should be time for EURO to redeem itself. We really don't know when until the patterns are fully formed. I have two anticipated pattern drawn on my chart; Bullish bat pattern and Navarro 200. With strong Fibonacci alignments of 88.6,127.2,-61.8 &1.618, the market should turn to the bulls side when approaching those levels. 61.8 or 161.8 in general is most used Fibonacci levels by both bears and bulls so I expect the limit and take profit orders on these levels.
Fundamentally we will be expecting news events for USD next week such as Core Retail Sale, PPI, retail sales and unemployment claims. These events will obviously give an impact on the market since we have fundamentalist-market participants speculating this market. I expect them to give the bearish sentiment so the market could move south to our favorable levels. After that i expect the market to range before it start to move to the other direction.
Technically, RSI is in oversold condition hence bullish signal. MACD still indicating a bearish sentiment hence possible of bears still having control of the market.
Good luck :)
Happy Trading
Fundamentally we will be expecting news events for USD next week such as Core Retail Sale, PPI, retail sales and unemployment claims. These events will obviously give an impact on the market since we have fundamentalist-market participants speculating this market. I expect them to give the bearish sentiment so the market could move south to our favorable levels. After that i expect the market to range before it start to move to the other direction.
Technically, RSI is in oversold condition hence bullish signal. MACD still indicating a bearish sentiment hence possible of bears still having control of the market.
Good luck :)
Happy Trading
