EURUSD: Weekly Forecast 7th August 2021
EURUSD has wiped out gains from the week before last, sending the price back to 9-month support at 1.1750.
This is mainly due to a robust US labour market that prompts the Fed to tighten their ultra-loose monetary policy and helped strengthened the dollar.
The buying of the dollar is likely to continue as such and we are expecting a temporary breakout of the current support level at 1.1750.
This may very well lead to the completion of an AB=CD pattern which will bring the price to test the major demand zone at 1.1620 should the price breaks the current support.
This week, we will wait for a pullback from the support at the beginning of the week to look for a selling opportunity, starting from 1.1800 and potentially 1.1850.
Our target for selling will be 1.1720, followed by 1.1640.
On the other hand, we also want to acknowledge the fact that the price is still supported at 1.1750, and that still gives the bull an opportunity to reignite.
This is mainly due to a robust US labour market that prompts the Fed to tighten their ultra-loose monetary policy and helped strengthened the dollar.
The buying of the dollar is likely to continue as such and we are expecting a temporary breakout of the current support level at 1.1750.
This may very well lead to the completion of an AB=CD pattern which will bring the price to test the major demand zone at 1.1620 should the price breaks the current support.
This week, we will wait for a pullback from the support at the beginning of the week to look for a selling opportunity, starting from 1.1800 and potentially 1.1850.
Our target for selling will be 1.1720, followed by 1.1640.
On the other hand, we also want to acknowledge the fact that the price is still supported at 1.1750, and that still gives the bull an opportunity to reignite.
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