EUR/USD enjoyed the low liquidity to shoot higher, but this was short lived. Retail and manufacturing PMI’s, Spanish Unemployment Change and M3 Money Supply are the main market movers this week. Here is an outlook on the major events at the year’s end and the beginning of 2014 and an updated technical analysis for EUR/USD.
Last week, French Consumer Spending edged up 1.4% in November, beating predictions for a 0.3% rise the first gain in : The markets are not used to seeing strong numbers out of France, so Tuesday’s data was unexpected good news. Also the US experienced positive data, before and after Christmas, seemingly justifying the decision of the Fed to taper before Christmas. Can the turn of the year bring more excitement?
TECHNICAL BEAM
Following detailed consideration of open, close, high and low prices for a period of 8-weeks; EUR/USD is expected to continue its bullish race for a wave leg III completion.
All Fibonacci indicator pointing north-east of chart with defined target prices at 1.4024 and 1.4272 for short and medium term respectively.
NOTE: Price
predictions produced by FibonacciPrice&PatternTrader may be
affected by unforeseen 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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