Draghi carrying negetive EURUSD week ahead with H&S Pattern
EURUSD Technical Overview: Pair making head & shoulder pattern in week chart.
Week Trading Range: 1.1730 - 1.1390
Key Resistance: 1.1635 - 1.1690 - 1.1730 - 1.1788
Key Support: 1.1540 - 1.1490 - 1.1435 - 1.1388
Technical Indicator:
MACD: MacdD shows Bullish Divergence.
Moving Avg: SMA100 (1.1476 yellow line in chart) & SMA200 (1.1343 green line in chart) strong supportive levels for EURUSD this week.
RSI: Indicator is still below 50 level & moving around 40 level its good for US dollar.
Fundamental:
> Pair with the ECB pre-set to scale down asset purchasing going to the year’s end the Government Council meeting will again be Draghi’s one-man show.
> EURUSD Calls for an immediate end to ECB’s asset purchasing are just a dream of German conservatives with Draghi standing still in independent resistance.
> With strong US labor market report and rising wages, September 26 Fed rate hike is a sure shot while with chances for December hike rising to 70%.
The headline non-farm payroll number was +201K, slightly above expectations but with downward revisions. Other figures within the US labor market report in August had a little market impact.
The US Federal Reserve was already expected to raise interest rates in September and now the odds of a December rate hike have risen to about 70%.
For the week ahead, the ECB Governing Council meeting headlines the agenda, but still, it is expected to be rather an uneventful gig. Markets expected confirmation of asset purchasing program tapering at the end of 2018 as the only real development. New macroeconomic projections will be released alongside the decision with no revision to the inflation forecast expected, and only a small negative marking-to-market of the GDP forecast. So once again it will be one man show of the ECB President Mario Draghi at the press conference trying to speak loud saying nothing.
Thanks
YoCryptoManic
Week Trading Range: 1.1730 - 1.1390
Key Resistance: 1.1635 - 1.1690 - 1.1730 - 1.1788
Key Support: 1.1540 - 1.1490 - 1.1435 - 1.1388
Technical Indicator:
MACD: MacdD shows Bullish Divergence.
Moving Avg: SMA100 (1.1476 yellow line in chart) & SMA200 (1.1343 green line in chart) strong supportive levels for EURUSD this week.
RSI: Indicator is still below 50 level & moving around 40 level its good for US dollar.
Fundamental:
> Pair with the ECB pre-set to scale down asset purchasing going to the year’s end the Government Council meeting will again be Draghi’s one-man show.
> EURUSD Calls for an immediate end to ECB’s asset purchasing are just a dream of German conservatives with Draghi standing still in independent resistance.
> With strong US labor market report and rising wages, September 26 Fed rate hike is a sure shot while with chances for December hike rising to 70%.
The headline non-farm payroll number was +201K, slightly above expectations but with downward revisions. Other figures within the US labor market report in August had a little market impact.
The US Federal Reserve was already expected to raise interest rates in September and now the odds of a December rate hike have risen to about 70%.
For the week ahead, the ECB Governing Council meeting headlines the agenda, but still, it is expected to be rather an uneventful gig. Markets expected confirmation of asset purchasing program tapering at the end of 2018 as the only real development. New macroeconomic projections will be released alongside the decision with no revision to the inflation forecast expected, and only a small negative marking-to-market of the GDP forecast. So once again it will be one man show of the ECB President Mario Draghi at the press conference trying to speak loud saying nothing.
Thanks
YoCryptoManic
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