FUNDAMENTAL BEAM
EURUSD continues to chip away at the retreating US dollar in Thursday trading. The pair has crossed over the 1.36 level for the first time since February, as the euro got a boost from a strong Eurozone Retail Sales release on Thursday. In other developments, ECB head Mario Draghi sounded positive about the Eurozone recovery, and the Italian government survived a vote of no confidence. In the US, today’s highlights are ISM Non-Manufacturing PMI and Unemployment Claims. The markets are expecting weaker numbers from both indicators. Meanwhile, the government shutdown continues, as Congress has been unable to reach an agreement that would end the budget impasse.
TECHNICAL BEAM
Following my prediction for a move above 1.3600, it is now obvious EURUSD is still on the bullish path. Currently trading at a 6-months high of 1.3602 we envisage further upside move above the technical high of 1.3120 to 1.3742. this move would see the pair establish more bullish strength as speculated by analyst.
NOTE: Price predictions produced by FibonacciPrice&PatternTrader may be affected by unforseen events like hurricane, earth quake, flood and other natural disasters consequently changing price patterns already predicted. Hence we advice strict adherence to money management techniques.
HAPPY TRADING
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