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The EUR/USD pair registered an amazing rally after the ECB and most important after worse than expected US Advance GDP. The pair have taken out strong resistance levels and now is expected to approach and reach new highs.
In the short term, the pair could drop a little to test and retest the broken levels before resuming its upside journey. Today, the Eurozone and the US are about to publish more significant economic figures.
The German Prelim GDP could register a 2.2% growth versus 1.6% registered in the previous reporting period. Moreover, the CPI Flash Estimate may increase by 3.7% in October versus 3.4% in September, while the Core CPI Flash Estimate is expected to grow by 1.9%.
On the other hand, the US Core PCE Price Index, Chicago PMI, Revised UoM Consumer Sentiment, Personal Spending, Personal Income, Revised UoM Inflation Expectations could bring more volatility later today.
EUR/USD found support on the weekly S1 (1.1587) and now it has escaped from the descending pitchfork's body. Its breakout through the confluence area formed at the intersection between the upper median line (UML) and 1.1663 signaled that further growth is possible.
It has increased as much as the 1.1692 level where it has found resistance. The weekly R1 (1.1685) stands as a static resistance. In the short term, the EUR/USD could resume its growth after testing and retesting 1.1663 and the upper median line (UML).
The EUR/USD pair could activate an upside continuation, a bullish reversal if it makes a new higher high, after jumping and closing above 1.1692.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
