EUR/USD – Week 12 – Looking for the bearish sweet spot.

The latest developments coming out of the ECB seem to affect EUR/USD as the central bank steps up the pace of the pandemic emergency purchase program (PEPP).
In our previous forecast, we anticipated that the previous bearish impulse will need a correction in order to gain further bearish momentum.
For this week we expect the price to slightly increase towards “the bearish sweet spot” and finish the consolidation that started, before resuming its bearish trend that can push the price towards the 1.17 level.
For this week we expect the price to continue rising slowly until we test the strong resistance that we highlighted on the chart. From there we can see the price dropping towards the 1.18 level.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

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