EUR/USD: Week 44 Outlook
EUR/USD moved lower by -94 pips last week, to complete a completed correction a short 4 Hour correction, looking to rally higher.
The EUR/USD had an impulsive rally; falling short of the $1.12 target. We may see this level come to fruition as last week's pullback solidified off of $1.075 as support. We believe we will see a rally to $1.12 and beyond within the next week or two.
Momentum holds strong as long as BREXIT news or overpowering U.S. news comes to disrupt its momentum. Wednesday’s (10/30) Fed meeting info and speeches come out and this Friday (11/1) the U.S. Non-Farm figures and unemployment data are released, which could have some effect on markets depending if analyst estimates are beaten or missed.
THE PLAY: We bullish on the EUR/USD, long above 1.1140.
The EUR/USD had an impulsive rally; falling short of the $1.12 target. We may see this level come to fruition as last week's pullback solidified off of $1.075 as support. We believe we will see a rally to $1.12 and beyond within the next week or two.
Momentum holds strong as long as BREXIT news or overpowering U.S. news comes to disrupt its momentum. Wednesday’s (10/30) Fed meeting info and speeches come out and this Friday (11/1) the U.S. Non-Farm figures and unemployment data are released, which could have some effect on markets depending if analyst estimates are beaten or missed.
THE PLAY: We bullish on the EUR/USD, long above 1.1140.
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