EUR/USD confirms bearish momentum, targets 1.1749 [Video]
|The EUR/USD pair continued its bearish momentum on Wednesday, confirming a break below the neckline of a double-top chart pattern, and entering inside the daily Ichimoku cloud. The next support level is at 1.1749 followed by 1.1588. On the economic calendar today we have the Swiss Unemployment Rate (NOV) at 6:45 AM GMT, followed by German Industrial Production s.a. (MoM) (OCT) at 7 AM. Euro-Zone Government Expenditure (QoQ) (3Q) will be up next at 10 AM, expected to drop to 0.3% from the previous 0.5%. During the New York session, the US weekly Initial Jobless Claims will be out at 1:30 pm GMT. Next, at 4 PM, we have yet another event that could shake the EUR crosses. ECB’s Mario Draghi holds a conference in Frankfurt. A more hawkish than expected tone could support the EUR/USD pair, while any signs of uncertainty could push it towards our key support levels. Thanks for watching, invest responsibly, and I wish you the best of luck making pips by trading forex.
For more from Invest Diva, click here
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.