Wednesday was a big day for traders and investors.
Like expected, the FED maintained another US$ 10 Billion reduction in its bond buying monthly.
Interest rates remain unchanged and the dollar gained muscle with Yellen's hawkish tone.
US Stock market closed lower that day and currency pairs like EURUSD or USDCHF are dominated by bears.
According with Yellen, interest rates would continue to increase during next six months and QE shouldn't end till this time.
So, what is the outlook for Euro now?
No doubt that EURUSD will continue to be traded by bearish traders and we can see 1.3800 at support zone.
The main peak reached by euro was placed at 1.3966 – Resistance level.
There is no reason to believe that this currency pair will follow bullish trend for next week.
Our outlook: Bearish
Resistance levels:
R1 – 1.3918
R2 – 1.3898
Support levels:
S1 – 1.3831
S2 – 1.3800
Pay attention to the following news:
1. European Council meeting
2. US Continuing Jobless Claims
3. US Initial Jobless Claims
4. US CB Leading Indicator (MoM)
5. US Existing Home Sales (MoM)
6. US Existing Home Sales Change (MoM)
7. US Philadelphia Fed Manufacturing Survey
8. US Bank Stress Test Info
Trade global forex with the best ECN broker of 2021*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about making your money go further with FXOpen.
* FXOpen International, best ECN broker of 2021, according to the IAFT
