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Trade EURUSD in a short range this week and expect movement in down direction

Discussion in 'Fundamental Analysis' started by World-Signals, May 22, 2016.

  1. World-Signals

    World-Signals Member Trader

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    EURUSD down below the level of 1.12 as World-Signals.com forecasts by the last week. This week there are two important events from United States - Durable Orders on Thursday at 13:30 GMT and GDP Second Estimate on Friday at 13:30 GMT.
    In Europe the first key events start at 8:30 GMT EU Markit Manufacturing PMI, Markit Services PMI and Markit PMI Composite. On Tuesday at 6:00 GMT is Germany GDP, at 9:00 GMT Germany ZEW Survey and Eurogroup meeting in the day. The next key events that we recommend to focus are on Wednesday at 8:00 GMT Germany IFO reports.
    The key support level for EURUSD is at 1.1143 as World-Signals.com expects to see test of the support level. The chances for break below are about 50%. The trading strategy this week is to trade within the range of 1.1150 and 1.1280. Also you can keep your short positions and may expect breaks below 1.1143.
    The investors continue to turn to the dollar as is widely expecting Fed to hike the interest rates in June 2016.
     

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