Trend Identification
The lower highs and lows of the last few weeks, as well as the emerging downward trend channel, tend to suggest that the exchange rate has entered a downward trend. However, the noise caused to the prices from the very important announcements on Friday may have temporarily pushed the exchange rate down.
Next week's macroeconomic data may put upward pressure on the exchange rate, if analysts' forecasts are verified.
Taking into account that the exchange rates are close to reaching the lower point of the trend channel, the price trend over the next week may be upward with a small fall margin at the beginning of the week to the support level of 1.1870.
Next week's macroeconomic data may put upward pressure on the exchange rate, if analysts' forecasts are verified.
Taking into account that the exchange rates are close to reaching the lower point of the trend channel, the price trend over the next week may be upward with a small fall margin at the beginning of the week to the support level of 1.1870.
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