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EUR/USD has recently broken below the 1.23 support area with a daily close which is currently showing some retracement with some bullish momentum. USD has been quite aggressive with the gains recently after the positive Employment Change report was published and is expected to proceed further with the gains against EUR. This week, there is no high impact of economic reports to be published on the EUR side which can actually make radical difference in the EUR gains. Today, EUR French Prelim Private Payrolls report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%. If the economic report achieves better results than expected, no significant momentum is expected to be observed on the EUR side. On the other hand, USD Federal Budget Balance report was recently published with an increase to 49.2B from the previous negative figure of -23.2B where the actual figure failed to meet the expectation of 50.2B. Today, USD NFIB Small Business Index report is going to be published which is expected to increase to 106.2 from the previous figure of 104.9, and FOMC Member Mester is going to speak about the upcoming monetary policies and interest rate decision which is expected to increase on March 2018. As of the current scenario, USD is expected to gain momentum against EUR having no high impact of economic reports or events for the coming days of the week. As the economic reports of USD are published ahead of the upcoming Interest Rate decision on March, the bearish sentiment is expected to be the dominant in the pair.
Now let us look at the technical view. The price is currently residing at the edge of 1.23 where a daily close above the level is expected to push the price higher towards 1.25. On the other hand, the bearish pressure is still quite intact having not much of pullback where bears still have the ability to push the price lower towards the 1.2050 support area in the coming days. A daily close above or below 1.23 will help to decide the upcoming move in this pair for the coming days whereas bulls are expected to be a stronger side technically.
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