Forecasts on the euro-dollar exchange rate
For the next few days of this week, the price will be able to consolidate between 1.088 and 1.09 or launch into new rises. The risks of this second perspective are well known: in the event of an extension above 1.09, the selling pressure could generate a bearish gust to reverse the trend and send the euro-dollar exchange rate back to around the round support of 1.08.
The short-term technical trend could therefore continue in the current price range without excessive shocks, awaiting new stimuli from the market. In this phase of cautious waiting, new retreats towards the intermediate support of 1.085 which represented the center of gravity of the prices for the past week cannot be ruled out.
However, the short-term trend remains bullish overall and only a collapse below the 50 and 200 day EMA (almost coinciding with 1.0870 and 1.0840) could reverse the current trend for the euro-dollar exchange rate.
Today’s economic calendar
Today’s economic calendar starts with employment data in Germany and continues without too many significant market movers, until the Italian afternoon with the update on JOLTs job offers.
This last data could significantly influence the balance of the euro-dollar exchange rate for the current week.
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