EURUSD short term outlook remains bullish. Today at 14:00 UTC there will be ISM Non-Manufacturing PMI (Mar), which could move the eurusd pair up to ~ 60 pips or maybe more if the data is very surprising.
There are no reasons, cut in stone, for my bias, but some of the core ones are :
1. eurusd pullback still has momentum and it seems like eurusds downside pressure is low at the moment.
2. The fed has become more dovish (recently).
3. US still has mixed economic data that in my opinion will be a negative factor for the dollar and will disallow it to continue its strong downtrend in the short term. (I'm not makeing any predictions about the pair. What I am doing at the moment is managing eurusd.)
4. If the eurusd rallies traders will look more positively on buying the s&p 500, that may be a reason for the FED to allow the usd to depreciate a bit till s&p 500 and others again make traction..
5. And technically it makes sens at the moment there is a clear trend and a clear resistance later. If the price breaks the recent highs (resistance) at approx 1.010** ikt would open to itself a lot more of the upside.
*. Sellers are likely to short at 1.010** and for that reason for small to medium cap traders it won't be a good place to go long as their selling is likely to push the price lower first and later I think it will go up but no bias for that for now so we'll see.
There are no reasons, cut in stone, for my bias, but some of the core ones are :
1. eurusd pullback still has momentum and it seems like eurusds downside pressure is low at the moment.
2. The fed has become more dovish (recently).
3. US still has mixed economic data that in my opinion will be a negative factor for the dollar and will disallow it to continue its strong downtrend in the short term. (I'm not makeing any predictions about the pair. What I am doing at the moment is managing eurusd.)
4. If the eurusd rallies traders will look more positively on buying the s&p 500, that may be a reason for the FED to allow the usd to depreciate a bit till s&p 500 and others again make traction..
5. And technically it makes sens at the moment there is a clear trend and a clear resistance later. If the price breaks the recent highs (resistance) at approx 1.010** ikt would open to itself a lot more of the upside.
*. Sellers are likely to short at 1.010** and for that reason for small to medium cap traders it won't be a good place to go long as their selling is likely to push the price lower first and later I think it will go up but no bias for that for now so we'll see.
