August 14, 2022
  • August 14, 2022

EUR / USD Forex Signal: Bullish trend intact

By on May 17, 2021 0

EUR / USD will be affected by the latest US data such as housing starts, building permits and initial jobless claims numbers.

Bullish view

  • Buy EUR / USD and add a take profit at 1.2180.
  • Add a stop-loss at 1.2100.
  • Chronology: 1 to 2 days.

Bearish view

  • Set a sell stop at 1.2120 and add a take profit at 1.2050.
  • Add a stop-loss at 1.2183.

EUR / USD holds as the market continues to focus on recent US and European economic data. The pair is trading at 1.2145, around 0.80% above Thursday’s low of 1.2052.

Publicity

EU GDP data to come

Last week the EUR / USD pair was a bit volatile as the market reflected strong inflation data from the United States.. Data showed that consumer prices rose 4.2% in April while the producer price index rose 6.2% during the month. This growth has been greater than what most analysts expected. It even surprised some Fed officials, including Vice President Richard Clarida, who believes the figure was transitory.

This week, the pair will react to the latest Eurozone GDP data coming out on Tuesday. Economists expect the figures to show that the EU’s GDP fell 0.6% in the first quarter, leading to a 1.8% year-on-year contraction. The number will come days after the European Commission raised its forecast for the bloc. He expects the economy to rebound 4.2% in 2020 and 3.8% in 2022.

EUR / USD will also react to the latest Eurozone inflation data coming out on Wednesday. Based on the estimate released two weeks ago, analysts expect the data to show the overall CPI rose 0.6% on a MoM basis and 1.6% on a MoM basis. annual. Core CPI is expected to have increased 0.6% on an annual basis.

EUR / USD will be affected by the latest US data such as housing starts, building permits and the initial number of jobless claims..

EUR / USD forecast

The four-hour chart shows the EUR / USD pair rebounded after falling to 1.1980 earlier this month. The price appears to form a flat top pattern. It has also moved above the ascending channel shown in black. Additionally, the price is getting closer to the first line of support for the Andrews Pitchfork tool. It also broke 25 and 15 day exponential moving averages, meaning the bulls are in control.

Therefore, the pair will likely continue to rise as the bulls aim for last week’s high at 1.2181, which is around 0.35% above the current level. However, a drop below 1.2100 will invalidate this prediction.

EUR / USD signal