EUR/USD is breaking out of a downward channel ahead of ECB [Video]
|Back in February we talked about euro and highlighted a potential support near 1.07. Well, since then pair came nicely down to 1.07 and reversed higher in the last few weeks, as you can see on our updated chart below. In fact, price broke out of a downward corrective channel which signals for more strength, especially as ECB can be hawkish this week; definitely more than the FED. Latest Manufacturing US PMI data contracted furthers, which can be one step closer FED to cut rates, but services PMI and NFP on Friday will also be important indicators for FED’s decision. Well, from an Elliott wave perspective, we expect further euro strength in the near-term, up to 1.09 possibly even 1.1 area.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. 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.