EUR/USD in the past trading week brought the in the last week outlookfavored rise “to the range 1.0750 to 1.0800 USD”. What lies ahead in the coming trading days and how will it continue from a chart perspective?
The upcoming trading week is likely to start rather quiet – in the U.S. today is Monday national holiday and the bulk of American traders thus abstinent. The highlight of the trading week is very likely to be the US labor market report next Friday. However, the taste of data in the form of the ADP Report comes this time on Thursday afternoon and not on Wednesday as usual. Furthermore, the inflation data from the euro zone and Germany should be noted in the first half of the week.
The pair starts right at the beginning of the week in the resistance area 1.0750 to 1.0800 USD. Here, it is now directly exciting as far as the further course is concerned: An hourly closing price above 1.0800 USD brings the bulls again in the short term decisively in advantage, until then must be expected at any time with the beginning of a renewed selling wave towards 1.0500 USD from a chart-technical point of view.
Important events for the EUR/USD this week:
14:00: DE: Consumer prices May (preliminary estimate) y/y
11:00: EMU: Consumer prices May (preliminary estimate) y/y
14:15 ADP Report USA
14:30: US: Newly created jobs ex agriculture May in thou.