Euro / U.S. DollarShort
EURUSD Potential Forecast | 6th March - 10th March 2023
Updated
Hi everyone, CY back with another forecast. Let's prepare for a heavy and potentially volatile week ahead!
Today's forecast will be for the upcoming week and the general direction where price can potentially head too with EURUSD.
Let me begin..
Fundamental context
1. Next week will be an important week for the USD and there will be the NFP data release that determines the job/labor market in the US.
2. Given Jan's whopping NFP print of 517k jobs, will the job market continue its resilience and stay strong consistently? Or was the month of January just an anomaly?
3. EUR is also riddled with plenty of economic news and data releases such as the retail sales m/m and CPI news release.
4. Mixed sentiments surrounding the USD due to the "hot and cold" data news releases, from the poor durable goods orders m/m due to Boeing, to the decent ISM manufacturing index and to the weakening consumer confidence in the US.
5. However, next week will provide a confirmation to the upcoming bias for the dollar.
MY PERSONAL TAKE
I believe the USD will continue strengthening. The economy in the US has proved far more resilient than ever and the 517000 jobs added for the month of January was not due to an anomaly and there were gains in almost all sectors of the job market. If there is one thing, never bet against the USD.
Technical context
1. Price has been stuck in a 158.2 pip range.
2. On the HTF, EURUSD is still on a bearish trend.
3. However, on the H1 timeframe, EU is on a bullish trend.
4. Price has already swept buy-side and sell-side liquidity as marked by "liquidity taken".
5. Price is currently hovering at a LTF supply zone. (expected to be broken due to Monday's asian opening volume)
6. Price can continue heading up to clear the HTF buy-side liquidity as marked by the red line, which will then come back lower to sweep the HTF sell-side liquidity.
7. Inducement has been marked which serves as a greater confluence for price to tap into.
Thanks for tuning into my forecast on the upcoming week.
Pleasure to have you all here.
Best Regards,
CY
Today's forecast will be for the upcoming week and the general direction where price can potentially head too with EURUSD.
Let me begin..
Fundamental context
1. Next week will be an important week for the USD and there will be the NFP data release that determines the job/labor market in the US.
2. Given Jan's whopping NFP print of 517k jobs, will the job market continue its resilience and stay strong consistently? Or was the month of January just an anomaly?
3. EUR is also riddled with plenty of economic news and data releases such as the retail sales m/m and CPI news release.
4. Mixed sentiments surrounding the USD due to the "hot and cold" data news releases, from the poor durable goods orders m/m due to Boeing, to the decent ISM manufacturing index and to the weakening consumer confidence in the US.
5. However, next week will provide a confirmation to the upcoming bias for the dollar.
MY PERSONAL TAKE
I believe the USD will continue strengthening. The economy in the US has proved far more resilient than ever and the 517000 jobs added for the month of January was not due to an anomaly and there were gains in almost all sectors of the job market. If there is one thing, never bet against the USD.
Technical context
1. Price has been stuck in a 158.2 pip range.
2. On the HTF, EURUSD is still on a bearish trend.
3. However, on the H1 timeframe, EU is on a bullish trend.
4. Price has already swept buy-side and sell-side liquidity as marked by "liquidity taken".
5. Price is currently hovering at a LTF supply zone. (expected to be broken due to Monday's asian opening volume)
6. Price can continue heading up to clear the HTF buy-side liquidity as marked by the red line, which will then come back lower to sweep the HTF sell-side liquidity.
7. Inducement has been marked which serves as a greater confluence for price to tap into.
Thanks for tuning into my forecast on the upcoming week.
Pleasure to have you all here.
Best Regards,
CY
Note
Forecast coming to fruition. Strong bearish pressure coming into EURUSD from Fed Powell's speech about hike rates more aggressively yesterday.
Weekly forecast panning out well.
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