EURUSD week 21 analysis🌐Fundamental Analysis
Over the past week, the EUR/USD pair was influenced by positive economic data from the US as the PMI index showed that private sector activity expanded more than expected. This supported the USD and put downward pressure on EUR/USD in the short term. However, the USD's gains were quickly limited by concerns about the fiscal situation as the US House of Representatives passed a spending and tax cut bill that could increase the public debt by more than $3 trillion over the next decade.
On the other hand, Eurozone wage data recorded a slowdown in growth in the first quarter, reducing inflation concerns and reinforcing expectations that the ECB will soon cut interest rates. This left the Euro lacking clear upside momentum. In the context of a lack of important data over the weekend, market sentiment and macro risks continued to dominate the EUR/USD's performance.
🕯Technical Analysis
EURUSD is still in a fairly strong uptrend and has hit the weekly resistance hook around 1.136. The next resistance level that the pair will face this week is 1.14200 with a large accumulation of sellers and when breaking out, pay attention to the weekly resistance level at 1.15000
To reverse the current trend, the pair needs to break the trendline structure around 1.12700. When breaking this area, it will wait for a retest point to SELL to the Entry Gap price of 1.116
📈📉Trading Signals
BUY EURUSD 1.127-1.125 SL 1.122
SELL EURUSD 1.142-1.144 SL 1.149 (Scalping)
SELL EURUSD 1.150-1.152 SL 1.155
