Analystics technical EUR - USD 09/05/2016
EURUSD last week's experience with volatile price movements downside channel (Bearish)
for 4 days in a row (since Tuesday, 5/3) until the closing of Long
Ledge Doji New York Friday, 05.06.
Bearish where the movement started since Tuesday, 03.05.2016 from 1.1530
level with a week intraday high level also in the same day at 1.1615 (03 // 05)
to the New York close on Friday (05/06/2016) at the level of 1.1402
with Intraday low levels of the week at the level of 1.1384 (Thursday, 5/5).
Range weekly the week yesterday by 231 pips
(10 pips lower from previous weekly range 25/04/16 - 04/29/16 were as much as 241 pips).
Fundamentally, watching the movement of the euro exchange rate in forex
trading the European session on Friday (6/05)
was observed to rise against the US dollar after three consecutive days
experienced selling pressure.
The weakening dollar going to respond to the attitude of some market participants
are pessimistic about the NFP report by the Department of Labor (06/05) New York session,
that whereas from the economic data Friday, 06.05 Euro region is less encouraging.
Markit announced the data of the survey on the business performance of the retail sector
in the Euro area retail PMI indicator showed a decline in performance in April.
The index dropped to a score of 47.9 after the previous month's score of 49.2.
Technically, for the next week,
EURUSD weakness may still be continued based on weekly candlestick formation.
Nevertheless, you still need to watch the intraday bullish
correction might take place in the Daily timeframe.
If next week Bullish breakout occurs at the level of 1.1474,
the price will likely go back to the level of 1.1535 - 1.1611 - 1.1685. On the contrary,
if the breakout bearish at 1.1382 level, then the price will likely continue
the trend of decline back to the 1.1316 level area - 1.1252 - 1.1186.
Scenario
Recommendation Sell Limit / Sell Stop
Entry Point 1.14573( Sell Limit )/ 1.13855( Sell Stop )
Stop Loss 1.14791 ( Sell Limit ) / 1.14079 ( Sell Stop )
Take Profit 1.13283 - 1.12819
Alternative Scenario
Recommendation Buy Stop
Entry Point 1.14079
Stop Loss 1.13855
Take Profit 1.14573
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