EURUSD Weekly Forecast: Push Upwards and Sustained Higher Technical Values (20-24 May 2024)

The EUR/USD went into this week keeping its optimistic bullish sentiment on display as the closing value of 1.08670 remained within sight of near-term highs.

• The 1.08000 ratio in the EUR/USD was penetrated higher on Tuesday the 14th of May and prices were sustained above this key psychological level the remainder of the week.
• The EUR/USD has been enjoying bullish sentiment in a sustained manner most of May as financial institutions have begun shifting their sentiment towards a weaker USD outlook.
• Economic data from the U.S this past week via the Consumer Price Index coming in under expectations, provided additional impetus for the EUR/USD to maintain its higher price ratios.

On Wednesday of this past week the EUR/USD touched the 1.08965 ratio which had last been seen on the 21st of March. And although the high water mark for the EUR/USD was not able to sustain the loftier speculative highs, the currency pair closed trading on Friday still within eyesight of the marks as it went into the weekend near the 1.08670 ratio. Technical traders who are wagering on fractional values via pips might look at the differential as it having closed significantly lower, but financial institutions who have shifted towards bullish sentiment will likely not be disappointed because they tend to hold positions for the mid and long-term.

EUR/USD Shift in Sentiment and Considerations to Come

The EUR/USD upwards swing has correlated to the broad Forex market, which is no surprise since the currency pair is a catalyst in the financial markets. While behavioral sentiment has taken an optimistic outlook regarding the potential of the U.S Federal Reserve to now consider interest rate cuts, the U.S central bank is unlikely to lower its Federal Funds Rate in June.

This means there is the potential that financial institutions may be getting too far ahead of economic data which could still provide shocks in the coming weeks and months. While the EUR/USD has certainly attained a solid amount of gains, questions regarding resistance now need to be contemplated. Is the 1.09000 level a bit too high for the EUR/USD still, last week the currency pair was certainly pushed back when it came within sight of the higher value.

Technical Perspectives Test are Coming for the EUR/USD

Having made solid gains the past two and a half weeks, the EUR/USD will now have to deal with a rather quiet week of economic data ahead. This means technical traders are likely to take control of the Forex market and existing behavioral sentiment will get tested. Resistance levels will be targeted by those with bullish sentiment, but the question is if there will be enough momentum to drive values above the highs made last week.

• Opening price action in the EUR/USD should be watched closely to see if existing sentiment continues to create some upwards mobility.
• The 1.08800 level may prove a testing ground for higher values and it this level is penetrated and sustained it may attract more bullish wagering.

EUR/USD Weekly Outlook:

Speculative price range for EUR/USD is 1.08070 to 1.09045

The trend upwards in the EUR/USD has been strong, but recent memories and glances at technical charts should be a swift reminder that momentum higher has run out of power throughout trading early this year. However, some traders may be counting on the notion that a psychological shift is taking hold which will allow for higher prices to be sustained.

Support levels should be watched and if the 1.08500 to 1.8400 values can hold onto their strength, reversals which seek buying positions may be seen. Early this week the range of 1.08400 to 1.08800 should be watched. If financial markets remain calm and U.S Treasury yields continue to show signs of erosion, the USD may remain within a weaker perspective and allow for the EUR/USD to climb higher. However, traders should not get overly ambitious regarding their higher targets and be willing to use take profit orders before sudden momentum reverses.

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EURUSD Weekly Forecast: Sentiment Shifts as Outlook Considerations are Made (6-10 May 2024)

After touching lows on the 1st of May which challenged the 1.06500 level, the EUR/USD began to find buyers and a strong upwards surge developed on late Thursday and into Friday.

• Speculators proved they have the desire to wager the end of last week. They might have gotten slightly ahead of their outlooks, but the EUR/USD did climb upwards from lows seen on Wednesday when the 1.06500 level was tested.
• The upwards wave of buying began on Thursday and built into a powerful move Friday with the publication of U.S jobs data.
• A high of nearly 1.08140 was seen on Friday before selling came into the market again and the EUR/USD went into the weekend near the 1.07583 mark.

The ability of the EUR/USD to finish at a higher level this past week compared to the value it started with will be welcome news for bullish traders of the currency pair. The values the EUR/USD closed with were last seen in the second week of April, but this was when the currency pair was actually caught in a downtrend. It hasn’t been since the 2nd of April that the EUR/USD has seen its current ratio while in the midst of an upwards climb.

Near-Term Nervous Sentiment in the EUR/USD

Trading in Forex, including the EUR/USD has been a wicked wagering landscape for a handful of months. However, last week’s U.S economic data may have been a rather important development for the outlooks of financial institutions. Gross Domestic Product came in weaker than anticipated, the falling growth numbers may slow the U.S economy and present traders with the hope that eventually weaker U.S growth will help erode inflation. The U.S Non-Farm Employment Change also came in below expectations.

While inflation remains a concern for the U.S Fed, earnings data on Friday was slightly weaker than anticipated. Rising prices in the U.S remain a concern for the Federal Reserve and they said this on Wednesday when they said they are uncertain about what inflation will do over the mid-term. It should be pointed out that WTI Crude Oil prices came down last week, which may help battle inflation too. But short-term speculative prices must turn into trends and this has not happened yet. However EUR/USD traders did show confidence and bought the currency pair in a flurry on Friday while speculating on better values. Nervous sentiment remains and this was seen as the EUR/USD couldn’t hold onto its loftier values as Friday closed. This coming week may see a wide price range too.

Starting Points for the EUR/USD This Week

German inflation numbers came in slightly below their expected results last week, which is perhaps a good sign for the European Union. However this data did not fuel a massive amount of EUR/USD buying. The ECB will conduct a virtual meeting this week, but it will not include a monetary policy decision, this will only come in June from the European Central Bank. The ability to go into the weekend above the 1.07500 mark will be looked upon favorably, but can the currency pair hold its ground and upwards momentum?

• Perhaps financial institutions may start wagering on the notion that the worst of the economic news from the U.S is now in and the Federal Reserve will be able to start becoming dovish.
• But betting on a change of direction from the Fed remains speculative taking into consideration inflation data from the U.S last week.

EUR/USD Weekly Outlook:

Speculative price range for EUR/USD is 1.06930 to 1.08910

Having produced a climb last week and a move above the 1.08000 level momentarily on Friday was an interesting development in the EUR/USD. However, the inability to sustain higher levels will cause nervousness for some traders as they contemplate tomorrow’s opening. If the EUR/USD can open with sustained trading above the 1.07550 level this would be seen as a positive.

Traders should also be aware that British banks will be closed tomorrow for their May holiday. This will make volumes within the EUR/USD lower than normal to start the day. Volatility might continue into Tuesday because of this, and then on Wednesday a host of European nations will be closed for a holiday. Last week’s higher finish was good news for the EUR/USD but the choppiness produced in the currency pair the past few months should serve as a reminder that outlooks remain cloudy and trading could stay speculative and without a firm trend.

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EURUSD Attempts Recovery from 5-month Low (29 April 2024)

• EURUSD rebounds from a five-month bottom
• But oscillators suggest that the bears retain control

EURUSD came under severe selling pressure in the aftermath of a hotter-than-expected inflation report on April 10, posting a fresh 2024 low of 1.0600. Although the pair has been regaining ground since then, the momentum indicators are still tilted to the downside.

Should the rebound resume, the recent resistance of 1.0752 could prove to be the first barrier for the price to overcome. Conquering this barricade, the bulls could attack 1.0795, a region that acted both as support and resistance throughout 2024 and overlaps with the 200-day simple moving average (SMA). A violation of that zone could set the stage for the September high of 1.0884.

Alternatively, a downside move could meet immediate support at the February low of 1.0694. Sliding beneath that floor, the price could test the recent support of 1.0673. Even lower, the five-month bottom of 1.0600 could come under scrutiny.

In brief, EURUSD has been in a recovery mode over the past few sessions, but the momentum indicators are suggesting that bears are still holding the upper hand. Hence, a break above the 200-day SMA is needed for the short-term picture to improve.

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BTCUSD,#EURUSD,#AUDUSD #Forexsignal (25 April 2024)

BTC/USD Forex Signal: Bitcoin Recovery Hits a Key Resistance

Bearish view

• Sell the BTC/USD pair and set a take-profit at 60,000.
• Add a stop-loss at 67,200.
• Timeline: 1-2 days.

Bullish view

• Set a buy-stop at 65,000 and a take-profit at 68,000.
• Add a stop-loss at 61,000.

Bitcoin pulled back in the overnight session as the recent recovery faded. The BTC/USD pair has struggled to move above the crucial resistance level at 67,238 as investors watch macro factors and its on-chain metrics.

Post-halving calm continues

Bitcoin is in a state it has not been at in the past few months. It initially jumped sharply ahead of the spot Bitcoin ETF approval, which happened in January. These ETFs have lived to their hype after they have led to over $60 billion in inflows.

After the ETF approval, Bitcoin continued rallying in anticipation of the halving event, which reduces the block rewards offered to miners. Historically, Bitcoin has always done well before halving.

Now, the coin has moved into a no man’s land since there is no major catalyst that will push it higher. As such, traders will continue to watch its on-chain metrics and the performance of the spot ETFs.

They are also focusing on other external factors like corporate earnings, geopolitics, and the next actions of the Federal Reserve.

That explains why the next two days will be important for the price of Bitcoin since the US will release important economic numbers. The Bureau of Economic Analysis will release the first quarter GDP estimate that is expected to show that the economy expanded by 2.5%.

After this, the US will release the personal consumption expenditure (PCE) inflation report on Friday. This is an important number since it is the Fed’s favorite inflation number. Economists expect the figure to show that the headline and core PCE figure rose to 2.6% in March.

A stronger PCE figure will point to a hawkish Federal Reserve. As such, the bank could signal that it will hike rates again later this year. It could also hint that the current restrictive policy will continue. Bitcoin tends to underperform when the Fed is hawkish.

BTC/USD technical analysis

Bitcoin price has been in a slow bullish trend in the past few days but struggled to move above the crucial resistance point at $67,238. It has now slipped and crossed the crucial 50-period moving average.

The BTC/USD pair has pointed downwards while the Bull Bear Power indicator has moved below the neutral level. The pair has also moved below the descending trendline that connects the highest swings since March 14th.

Therefore, the pair will likely continue falling, with the next point to watch being the psychological point at 60,000.

EUR/USD Forex Signal: Chart Pattern Points to a Bearish Breakout

Bearish view

• Sell the EUR/USD pair and set a take-profit at 1.0650.
• Add a stop-loss at 1.0755.
• Timeline: 1-2 days.

Bullish view

• Buy the EUR/USD pair and set a take-profit at 1.0755.
• Add a stop-loss at 1.0650.

The EUR/USD pair wavered on Thursday morning ahead of the crucial US GDP and inflation numbers. It also moved sideways after the strong economic numbers from Germany and the United States. The pair was trading at 1.0695, a few pips below this week’s high of 1.0712.

US GDP and inflation data

There are signs that the European economy is doing well. A report published on Tuesday revealed that business output rose to the highest point in months. The composite PMI rose to 51.4, which was higher than the median estimate of 50.8.

A separate report published on Wednesday revealed that the current assessment of the German economy rose from 88.1 in March to 88.9 in April. Business expectations rose to 89.9 while the business climate index rose to 89.4.

These numbers mean that the European economy is doing relatively well since inflation is also coming down. If the trend continues, the European Central Bank (ECB) will start cutting interest rates as soon as June this year.

The EUR/USD also moved sideways after the US released encouraging durable goods order numbers. A report showed that orders rose from 0.7% in February to 2.6% in March, higher than the expected 2.5%. Core durable orders rose from 0.1% to 0.2%.

The next important numbers that could impact the Federal Reserve will be the upcoming US GDP and Personal Consumption Expenditures Price Index (PCE) data.

The expectation is that the economy expanded in Q1, helped by consumer and government spending. Most analysts expect that the economy grew by 2.5% in Q1 after growing by 3.4% in Q4.

They also believe that Friday’s PCE report will be the most important one before the Fed makes its monetary policy decision next week. A higher-than-expected figure will push the Fed to deliver a hawkish statement, signaling that it may not cut rates this year.

EUR/USD technical analysis

The EUR/USD pair remained in a tight range ahead of the crucial GDP and PCE numbers. It was trading at 1.0695 on Thursday morning. It has moved slightly above the 50-period moving average and is sitting at its lowest swing on February 14th.

Most importantly, the pair has formed a bearish flag pattern, which is characterized by a long vertical line and an ascending rectangle. In most cases, this pattern is usually a sign of a continuation.

Therefore, the outlook for the pair is bearish, with the next point to watch being at 1.0650, the lower side of the flag pattern.

AUD/USD Forex Signal: More Upside Ahead of US PCE Data

Bullish view

• Buy the AUD/USD pair and set a take-profit at 0.6555.
• Add a stop-loss at 0.6450.
• Timeline: 1-2 days.

Bearish view

• Set a sell-stop at 0.6480 and a take-profit at 0.6400.
• Add a stop-loss at 0.6550.

The AUD/USD pair retreated slightly as traders refocused on the upcoming US GDP and PCE economic numbers. The pair dropped from this week’s high of 0.6530 to a low of 0.6490.

US GDP and PCE data

The Australian dollar rallied and then pulled back after Australia published strong consumer inflation data. According to the statistics agency, the headline Consumer Price Index (CPI) retreated from 4.1% in Q4’23 to 3.6%, which was higher than the median estimate of 3.4%.

The CPI rose from 0.6% to 1.0% on a QoQ basis. This figure was also higher than the expected 0.8%. The trimmed mean CPI rose by 4.0% while the weighted mean CPI rose to 4.4%.

These numbers mean that the country’s inflation remained higher than what the Reserve Bank of Australia (RBA) was expecting. They also mean that the country’s prices are not falling faster than expected.

Therefore, the RBA will likely maintain a hawkish sentiment in its upcoming meeting in May. Some analysts see the bank signaling that hikes will be possible if inflation remains this high.

Worse, there is an expectation that Australia, like the United States, will go through a period of reflation as energy prices rise.

Looking ahead, the remainder of the week will be important for the AUD/USD pair as the US will publish two important economic numbers. On Thursday, it will release the first estimate of the US GDP numbers.

Economists expect the data to show that the economy expanded by 2.5% in the first quarter after growing by 3.4% in Q1. That will mean that the economy has expanded by 2% for seven straight quarters.

The US will then release the PCE report, which is the Fed’s favorite inflation number. Economists expect the data to reveal that the headline PCE rose from 2.5% in February to 2.6% in March. The core PCE is expected to come in at 2.6%, higher than the Fed’s target of 2.0%.

AUD/USD technical analysis

The AUD/USD pair peaked at 0.6530 after the strong Australian inflation report and then pulled back to 0.6482. That was a crucial price since it was along the 23.6% Fibonacci Retracement level. It was also at the lowest swing on April 1st, meaning that it has formed a break and retest pattern.

The pair has moved above the 50-period Arnaud Legoux Moving Average (ALMA) while the Relative Strength Index (RSI) has moved from the overbought level of 75 to 62. Also, it has formed a small inverse head and shoulders pattern.

Therefore, the outlook for the pair is extremely bullish, with the next point to watch being the 38.2% retracement point at 0.6555.

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EURUSD Weekly Forecast: After Nosedive the Potential of a New Range Emerges (22-26 April 2024)

The EUR/USD went into the weekend near values it began last Monday with, this as financial institutions seem to have established a sense of equilibrium as a new outlook emerges.

• The EUR/USD finished the week of trading near the 1.06520 mark, on last Monday the EUR/USD also was around this price vicinity.
• Certainly plenty of vigorous trading fluctuations were seen last week, but technical and fundamental traders may have both come to the conclusion the currency pair has established a rather well maintained price range.

The shift in behavioral sentiment in financial institutions which essentially caused massive volatility in the EUR/USD and broad Forex market in the previous week seems to have been digested. Yes, Federal Reserve Chairman Jerome Powell caused a stir this past week when he admitted that inflation doesn’t appear to be eroding as many economists had believed it would, but many financial institutions had already prepared for the change in rhetoric from the Federal Reserve.

Powell Offered No Real Surprises to Financial Institutions

And while Powell’s words didn’t come during an FOMC meeting announcement, his speech about stubborn prices made clear that the previous week’s higher CPI data was a legitimate concern. Traders took the EUR/USD from nearly 1.08675 on the 10th of April to the 1.07330 level. By Friday the 12th of April the EUR/USD was essentially testing the price vicinity it went into this weekend with as traders fought through Forex action the past five days.

The current value of the EUR/USD may look low to many biased traders who favor a stronger European currency, but the value realm now being demonstrated did show a rather intriguing upwards momentum after hitting a low of nearly 1.0600 on Tuesday, coming close to retesting the mark on Wednesday and then after touching a depth around the 1.06100 on early Friday. The EUR/USD finished almost solidly within the middle of its technical price range for the week.

High of Nearly 1.06900 in EUR/USD Established on Thursday

The high for the EUR/USD last week climbed around the 1.06900 ratio, but was pushed back. This momentum lower shows that financial institutions may be accepting a change of outlook that will extend into the late summer. The EUR/USD is now testing marks that it has not traversed since the middle of November 2023. The currency pair is back within the price range technically that it explored in 2023 before financial institutions started to become bullish based on the belief the Federal Reserve was going to issue more dovish rhetoric in December of 2023, which did occur.

• The 1.06000 to 1.07000 price range for the EUR/USD currently looks like fair market value, but there are additional obstacles ahead.
• A growing concern exists that the European Central Bank will have to cut interest rates before the Federal Reserve. However, the ECB would prefer to stay reactive and not be proactive.
• The EUR/USD did trade lower in November and October of last year and the 1.05000 ratio was tested.

EUR/USD Weekly Outlook:

Speculative price range for EUR/USD is 1.05930 to 1.06890

While it may be comfortable to believe the EUR/USD has found a new technical price range which will show durability moving ahead, traders should not rest easily. The volatility seen the week before last demonstrated the EUR/USD can move lightning quick. Economic data this week will see Manufacturing and Services PMI data from Europe on Tuesday, GDP numbers from the U.S on Thursday, followed by important inflation statistics from the U.S on Friday. All of this data will affect current behavioral sentiment in the EUR/USD.

While many traders may presume upwards motion will develop for the EUR/USD in the mid-term once again because of the perception the currency pair has been oversold. Resistance may prove to be an interesting touchstone for speculators of the EUR/USD in the short and near-term if too much upside is found. But traders should also not be overly ambitious regarding more downwards trajectory to be seen in the EUR/USD. If economic data from the U.S continues to be slightly stronger than expected this could create some headwinds which cause the currency pair to see more selling and the technical range to be tested.

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Forecast with Elliott Wave Technique Calling #EURUSD to Extend Lower (19 April 2024)

Short term Elliott Wave view in EURUSD suggests that cycle from 12.28.2023 high is in progress as a zigzag Elliott Wave structure. Down from 12.28.2023 high, wave A ended at 1.0694 and rally in wave B ended at 1.098. Wave C lower is in progress as a 5 waves impulse Elliott Wave structure. Down from wave B, wave ((i)) ended at 1.072 and rally in wave ((ii)) ended at 1.0885. Pair extends lower in wave ((iii)) with internal subdivision as another 5 waves in lesser degree. Down from wave ((ii)), wave (i) ended at 1.0846 and wave (ii) ended at 1.0866.

Wave (iii) lower ended at 1.071 and rally in wave (iv) ended at 1.0756. Final wave (v) lower ended at 1.06 which completed wave ((iii)). Wave ((iv)) rally is unfolding as an expanded Flat structure. Up from wave ((iii)), wave (a) ended at 1.065 and dips in wave (b) ended at 1.06. Wave (c) higher ended at 1.069 which completed wave ((iv)). Pair then extends lower again in wave ((v)). While below 1.069, expect pair to extend lower in wave ((v)) to complete wave C of (2) before pair turns higher.

EURUSD 60 Minutes Elliott Wave Chart

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US #Inflation Higher Than Expected, Accelerates to 3.5% (10 April 2024)

• The US consumer price index (CPI) climbed 3.5% year-on-year in March, up from 3.2% in February and above the market estimate of 3.4%. This was the highest inflation rate since September.

On a monthly basis, CPI remained unchanged in March at 0.4%, higher than the market estimate of 0.4%. The increase in inflation was mainly due to rising energy and shelter costs.

Core CPI, which excludes food and energy and is closely watched byn the Federal Reserve, was unchanged at 3.8% in March and just above the market estimate of 3.7%. Higher shelter costs were responsible for most of the increase. Monthly, core CPI rose 0.4%, matching the previous two months and above the market forecast of 0.3%.

US inflation has accelerated for a second straight month, a reminder that although inflation appears under control, the final sprint to the 2% target will be a challenge for the Federal Reserve.

The Fed would like to provide relief to consumers and businesses by lowering interest rates, but there are two reasons why an initial rate cut is not around the corner. First, inflation has remained persistently high and has moved higher over the past two months. The Fed does not want to lose more ground in the battle with inflation, and lowering rates too early could see inflation rise further and force the Fed to raise rates.

Second, the US economy has been surprisingly resilient despite the steep rise in rates, with last week’s blowout nonfarm payrolls the latest example. The Fed needs the economy to cool if inflation is to be brought down to 2%, which means that it will have to prolong its “higher for longer” stance until the economy shows signs of slowing down.

The markets have lowered expectations of a rate cut in June or July due to the strong inflation report and have not fully priced a rate cut until September.

US Dollar Shines, Stock Markets Fall Hard After Inflation Report

The inflation report means that the Fed is likely to push off a rate cut, which has sent the US dollar sharply higher, and the US stock markets considerably lower, within the first few hours following the data release.

The US dollar has posted strong gains against all the major currencies in the aftermath of today’s inflation release. The EUR/USD currency pair is down 0.86% and the GBP/USD currency pair has declined 0.72%. The AUD/USD currency pair has been hit especially hard and is down 1.47%.

The US stock markets are lower following today’s inflation report. The Nasdaq 100 Index is down 182 points (1.01%) at 17,984 and the S&P 500 Index has dropped 60 points (1.13%) at 5151 in early trading on Wednesday.

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EURUSD Weekly Forecast: Choppy Trading Routine as Outlooks Remain Unclear (8-12 April 2024)

The EUR/USD actually finished last week’s trading at a higher juncture than it started which will likely catch speculative opinions off guard when technical results are questioned.

• The EUR/USD ended the week of trading near the 1.08360 mark after a rather brisk five days of trading which provided rather hectic results.
• A low of 1.07240 approximately was hit on Tuesday of last week and then the currency pair started to incrementally increase.
• Economic data from the U.S did not make things easy for EUR/USD speculators as statistics provided rather murky results for financial institutions to try and interpret.

The Federal Reserve is now in a position which seems to make it unlikely that an interest rate cut will happen in the U.S at best until June of this year. The European Central Bank will have their monetary policy meetings this week and this coming Thursday is likely to keep the Main Refinancing Rate at 4.50%. The EUR/USD traded in a choppy manner all of last week and although it finished slightly higher than where it started, speculators who are bulls will not be resting easy.

The 1.08000 Ratio Remains a Focus for the EUR/USD

The ability to finish trading on Friday above the 1.08000 ratio is rather intriguing. A low of 1.078900 was challenged on Friday immediately after the Non-Farm Employment Change numbers were published in the U.S as the report came in stronger than anticipated. However, the reversal upwards which soon developed shows financial institutions seem to believe equilibrium rest above the 1.08000 mark as global central banks are confronted with troubling economic data from many corners.

Things are not going to get easier regarding fundamental data this week because the U.S is set to publish a slew of inflation data on Wednesday and Thursday. The EUR/USD is likely to remain choppy and technical traders who do not like to hear too much about fundamentals may actually have solid reasons for simply looking at support and resistance levels in the coming days. The range of 1.07800 to 1.08700 may continue to find plenty of battles in the days ahead. However there are concerns which need to be considered regarding U.S data.

ECB and U.S Inflation Equal Distress for EUR/USD this Coming Week

While the ECB is unlikely to lower its interest rate this week in a proactive move, the notion continues to get stronger that the European Central Bank should cut its interest rate before the Federal Reserve. Yet, this is not likely to happen. But trading results in the EUR/USD may be affected by these considerations in the days ahead and cause turbulence in the currency pair.

• Consumer Price Index data from the U.S this coming Wednesday will create impetus in the EUR/USD and traders should make sure they are using solid risk management before and after the inflation results.
• The ECB is likely to talk about the potential dangers of inflation too this coming Thursday, particularly if Crude Oil prices remain high early this week.

EUR/USD Weekly Outlook:

Speculative price range for EUR/USD is 1.07795 to 1.08855

Technical traders may find that the EUR/USD price range starts to grow more sedate this week, but they should not get comfortable. The lack of clarity from economic data and the notion that the ECB and Fed will both continue to sit on their hands creates the potential for a test of known values as financial institutions try to maintain fair market price. The ability to remain above the 1.08000 level going into this weekend and actually testing the 1.08400 vicinity on Friday before closing slightly lower is intriguing.

Trading early this week should be watched carefully in order to gauge behavioral sentiment which remains fragile, but if the EUR/USD remains stable in the first handful of hours on Monday this could begin to prove Forex now believes the existing price range is balanced. The EUR/USD remains within the lower elements of its three month price range and within a middle ground when a one month chart is considered. These charts seem to verify the fact that current values will persists in the days ahead.

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