KEY GRAPHIC ELEMENTS
Despite geopolitical news which is not improving, American rates which continue to rise and stock markets which are consolidating the euro, it is not weakening, and remains at the levels of recent days. The afternoon will be loaded with data that could animate currency traders. Indeed, today we are mainly expecting figures from the United States, with at 2:30 p.m. French time, first of all the publication of weekly unemployment claims followed by the manufacturing index from the Philadelphia Fed. At 4:00 p.m. French time, investors will then learn about sales of existing homes and then wait for the speech from the head of the American central bank at 6:00 p.m. Technically the European currency is still compressed in its range with no indication of a resumption of the downtrend or a larger rebound. We will therefore use the upper and lower terminals to carry out long positions near the lower terminal and initiate short positions on the upper terminal.
MEDIUM TERM FORECAST
Considering the key graphical factors that we have mentioned, our opinion is neutral in the medium term on the Euro Dollar (EURUSD).
We will maintain this neutral opinion as long as Euro Dollar (EURUSD) prices are positioned between support at 1.0435 USD and resistance at 1.0550 USD.
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