It will be a holiday week for the EURUSD and thus EURUSD will be very little affected with extremely low data releases.
The EURUSD was appreciating steadily last week for 4 consecutive days and finally plunged on the last trading day during the past few hours before the week ended.
This is largely due to the closure of long positions held through the week.
The price closed slightly towards the downside of a range between 1.148 and 1.127.
The last daily candle shows a strong selling pressure which could lead to further depreciation at the beginning of the next trading week.
A strong supply zone is seen at the bottom of the range just below 1.1300.
However, if the price resumes appreciation immediately, we are likely to see the price breaking new high and out of the range.
That will lead to the completion of the 2nd wave of its current major retracement which will probably stop near 1.16, a 2-months demand zone.
There's only German Prelim CPI to take note of for news releases which fall on a Friday and is unlikely to bring any significant impact to the overall trend.
The EURUSD was appreciating steadily last week for 4 consecutive days and finally plunged on the last trading day during the past few hours before the week ended.
This is largely due to the closure of long positions held through the week.
The price closed slightly towards the downside of a range between 1.148 and 1.127.
The last daily candle shows a strong selling pressure which could lead to further depreciation at the beginning of the next trading week.
A strong supply zone is seen at the bottom of the range just below 1.1300.
However, if the price resumes appreciation immediately, we are likely to see the price breaking new high and out of the range.
That will lead to the completion of the 2nd wave of its current major retracement which will probably stop near 1.16, a 2-months demand zone.
There's only German Prelim CPI to take note of for news releases which fall on a Friday and is unlikely to bring any significant impact to the overall trend.
