Hey Traders.
There were big movement on this week and there will be more today.
Let's check the chart and what is waiting for us.
We can see
1. the long-term descending channel.
2. resistance on 1.01000.
3. top line of the descending channel is on 1.04500
4. support on 0.95500
We should check
Thursday - US Core CPI (MoM) (Oct), US CPI (YoY) (Oct), US CPI (MoM) (Oct), US Initial Jobless Claims
Friday - Bristain GDP (MoM), German CPI (YoY) (Oct)
We can expect
1. dropping to 0.95500 by resistance on 1.01000
2. jump up to 1.04500 by breaking the resistance on 1.01000
Today, we should check the US CPI which will affect the market more than US midterm election.
If CPI over 8.0%, there will be big drop. In Euro chart, we can expect the price dropping to 0.95500 for long-term.
But, if CPI shows under 8.0%, there will be upward movement and the price will break 1.01000.
In this case, we can expect Euro price upward movement to 1.04500. (Still the descending channel is kept so we can have chance to sell from high price.)
Let's see how it moves and choose the strategy after US CPI.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
There were big movement on this week and there will be more today.
Let's check the chart and what is waiting for us.
We can see
1. the long-term descending channel.
2. resistance on 1.01000.
3. top line of the descending channel is on 1.04500
4. support on 0.95500
We should check
Thursday - US Core CPI (MoM) (Oct), US CPI (YoY) (Oct), US CPI (MoM) (Oct), US Initial Jobless Claims
Friday - Bristain GDP (MoM), German CPI (YoY) (Oct)
We can expect
1. dropping to 0.95500 by resistance on 1.01000
2. jump up to 1.04500 by breaking the resistance on 1.01000
Today, we should check the US CPI which will affect the market more than US midterm election.
If CPI over 8.0%, there will be big drop. In Euro chart, we can expect the price dropping to 0.95500 for long-term.
But, if CPI shows under 8.0%, there will be upward movement and the price will break 1.01000.
In this case, we can expect Euro price upward movement to 1.04500. (Still the descending channel is kept so we can have chance to sell from high price.)
Let's see how it moves and choose the strategy after US CPI.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
