(News Bulletin 247) – The Euro continued to form a consolidation, above its 20-day moving average (in dark blue), traders digesting the particularly firm tone adopted by the big moneymakers on both sides Atlantic last week.
In a market where the model “bad macroeconomic news = hope for monetary easing = appetite for risk” is gradually losing meaning, in favor of its exact opposite, we will follow with the greatest attention, at 4:00 p.m. THE statistical publication of the day, namely the index of consumer confidence (Conference Board). A traditional indicator with a strong impact in the event of deviation from the consensus, due to the very structure of the American economy, which is very dependent for its creation of national wealth on the strength of domestic consumption. See you at 4:00 p.m. for the publication, expected to rise to 101 points.
A return of risk appetite would favor the single currency under these conditions.
At midday on the foreign exchange market, the Euro was trading against $1.0620 around.
KEY GRAPHIC ELEMENTS
The 20-day moving average (in dark blue) continues to play its role of chart support. Positive opinion kept above this trendline whose orientation is straight.
MEDIUM TERM FORECAST
In view of the key graphic factors that we have mentioned, our opinion is positive in the medium term on the Euro Dollar (EURUSD) parity.
Our entry point is at 1.0613 USD. The price target of our bullish scenario is at 1.1189 USD. To preserve the invested capital, we advise you to position a protective stop at 1.0499 USD.
The expected return of this Forex strategy is 576 pips and the risk of loss is 114 pips.
CHART IN DAILY DATA
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