The dollar has weakened for the second straight week in the FOREX Market EUR / USD. The news triggered influencing the market was the Fed's decision to keep interest rates in the United States.
The last three workdays if the euro strengthened more than 1%, closing the weeks to rising $ 1.5793.
analysts believe the European Central Bank should raise interest rates in the euro area by 25 points which would be sponsored by a weakening of the dollar higher.
Fundamental Analysis
The dollar has weakened against the Euro is more than 1% (1.12% to be exact) during the last week ...
As already mentioned, the Dollar price we see related to the price of oil , not coincidentally, as crude oil prices historical mark, the dollar has weakened. Therefore to make a correct analysis we have to see the oil market.
The oil market after hitting a record high reaching $ 143 a barrel after closing at 140.69 dollars. All medium-term forecasts indicate that oil should continue to rise, so you would expect more pressure to a weakening of the dollar.
could say that the price of the Euro should rise in the short term, however we believe we are in a boundary condition, since we have a set oil price in recent sessions and the Euro is facing resistance consideration at 1.5800.
must not forget that this is the first week July which will bring employment outcomes in the United States if the labor market continues to contract, a clear indication that the recession is maintained (analysts expect bad results), positively surprised if the outcome could change the scenario this market.
Technical Analysis
The Euro price is still maintained on the channel, this time a little below the top of the channel. Is a resistance that has managed to vote at the price of the Euro.
We can clearly see that the price is going to face the roof of the canal, and the result should give us the direction the price should take.
On the other hand we have the technical indicators are at the top, entering the overbought zone - without even showing signs of turnaround.
Our technical analysis tells us that we should expect the direction of the price, if short rebound is recommended to enter, and wait a profit over 100 pips, and if the price surpasses the 1.5800 (closing a daily session on the resistance) should be long because the next stop is the 1.6000.
In summary, we should expect the first session, as we are in a boundary condition to the expected behavior price on the resistance of 1.5800.
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