EURUSD: Weekly Forecast 7th November 2021
EURUSD was ranging and attempting a recovery but was dismissed by a strong NFP, causing the price to break towards the downside.
However, the price was able to find support at a previous low at 1.1527 and may climb a little further before resuming falling.
As the Fed has started tapering while the ECB is still holding to a low rate stance, following a strong NFP and even lower unemployment rate is going to help push the price even lower substantially.
This week, we will be looking to sell as the price pulls back a little towards 1.1580, followed by 1.1590, targeting the previous low again and eventually breaking lower and towards the 16-month demand level at 1.1450.
However, the price was able to find support at a previous low at 1.1527 and may climb a little further before resuming falling.
As the Fed has started tapering while the ECB is still holding to a low rate stance, following a strong NFP and even lower unemployment rate is going to help push the price even lower substantially.
This week, we will be looking to sell as the price pulls back a little towards 1.1580, followed by 1.1590, targeting the previous low again and eventually breaking lower and towards the 16-month demand level at 1.1450.
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