Seems like the long term downtrend is still dominating the market
last week the price fall again and stay away from the weekly fib. key resistance level
a clear break of the daily uptrend line can may bring this pair down to 1.27.
Seems like we have a hammer candlestick pattern that may be a signal of a reversal from bearish market to bullish market. This kind of reversal is expected to happen near support but it seems like this one appeared below resistance that means we have a clear break on the short term support..
If this pattern can reverse the market then in the medium term this pair may still have the chance to test the weekly downtrend line with 1.308 (cross between weekly downtrend line and daily uptrend line) as test resistance.
Experts and banks Short-term euro estimates still look constructive.
The most important events next week are:
1. US Nonfarm Payrolls and October employment report in US (Nov 02)
2. PMIs in China, Eurozone, UK and US.
3. October US ISM Manufacturing PMI (Nov 01)
4. US ADP Employment October Change (Oct 31)
5. Preliminary Consumer Price Index in Germany (Oct 29)
last week the price fall again and stay away from the weekly fib. key resistance level
a clear break of the daily uptrend line can may bring this pair down to 1.27.
Seems like we have a hammer candlestick pattern that may be a signal of a reversal from bearish market to bullish market. This kind of reversal is expected to happen near support but it seems like this one appeared below resistance that means we have a clear break on the short term support..
If this pattern can reverse the market then in the medium term this pair may still have the chance to test the weekly downtrend line with 1.308 (cross between weekly downtrend line and daily uptrend line) as test resistance.
Experts and banks Short-term euro estimates still look constructive.
The most important events next week are:
1. US Nonfarm Payrolls and October employment report in US (Nov 02)
2. PMIs in China, Eurozone, UK and US.
3. October US ISM Manufacturing PMI (Nov 01)
4. US ADP Employment October Change (Oct 31)
5. Preliminary Consumer Price Index in Germany (Oct 29)