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EURUSD → Correction before the news. What could happen?

By RLinda
Updated
EURUSD is forming a false breakout. This may be the reason for the formation of correction in the short term. The market is also expecting news today, which is worth paying attention to.

snapshot

We are interested in CDGO (MoM) today and the one that may affect the price in the short to medium term is Initial Jobless Claims. For the latter, analysts are expecting an improvement in the indications from 231K to 225K. If the actual data released at 13:30 GMT is higher than expected, the correction may end and the pair will start to strengthen. If the data will be lower than expected, the correction is likely to be a little bit delayed

From the technical analysis point of view, an actual false breakdown could be the reason for the price decline to 1.0875 or to 0.382 or 0.5 fibo. But since we have a fairly strong fundamental basis for the medium term, the currency pair has the following areas as targets: 1.1033, 1.115, 1.127

Support levels: 1.0875, 0.382 fibo, 0.05 fibo
Resistance levels: 1.0918

The correction may continue until the publication of news that may determine the short-medium term outlook. I expect growth after the test of local support areas.

Regards R. Linda!
Note
snapshot
The news is affecting the currency pair. The correction continues, which is what I was preparing you for.
The red color indicates the key zones, which the price can test before further growth
Trade active
snapshot
Trade active
snapshot

Actual scenario:
The market consolidated on Thursday due to lack of liquidity. There was a holiday in the western part of the world.
We are interested in the level of 1.0875 and 1.0918.
In case of retest and price consolidation above one of these levels, the currency pair may form an active growth.
Medium-term target 1.1033
Beyond Technical AnalysisDXYEURUSDfalsebreakoutFLATForexFundamental AnalysisTechnical IndicatorsPin BarSupport and ResistanceTrend Line BreakZigzag
RLinda
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