EURUSD to test the levels below 1.1140 this week
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"World-Signals.com trading strategy for the week is to open short positions using good tops for bigger profits." This was the trading strategy by the last business week. Few weeks early we predicted that the upward trend of EURUSD will finish. The dollar will recovery in the next few weeks as may test the levels below 1.10 soon.
This week focus over the coming events: On Monday New Home Sales at 14:00 GMT, on Tuesday Durable Orders at 13:30 and Consumer Confidence at 15:00 GMT. These reports may support the dollar with positive data for United States.
The most important event is on Wednesday FOMC Rate Decision at 18:00 GMT as is expecting to leave the interest rates unchanged at 0.50% but the time for new interest rates hike is short. The next most important event is GDP-Adv. on Thursday at 13:30 GMT.
In Europe the first important event is on Monday Germany IFO reports at 8:00 GMT and Gfk Consumer Confidence Survey on Wednesday at 6:00 GMT.
The most important events are on Thursday at 7:55 GMT Germany Unemployment Rate and Euro Zone Consumer Confidence, Services Sentiment, Industrial Confidence, Business Climate, Economic Sentiment Indicator at 9:00 GMT. Also focus over Thursday Germany CPI at 12:00 GMT and Friday Euro Zone Unemployment Rate and CPI at 9:00 GMT.
The technical analysis shows the first support at 1.1143 and resistance at 1.1280. World-Signals.com trading strategy is to keep short positions with target 1.1143 and next target at 1.1070.