Last week was boring day trading day as there are 3 days without significant breakout. However on Thursday the expected correction started to take place and it exactly reside on the middle of the Bollinger band on daily time frame. This is an identical level of correction.
Next week tforecast for EUR-USD is as follow:
Daily Time Frame:
MACD = Up
Stochastic = Up
B. Band = Middle
Summary: In short term indicators signal support for further correction.
Weekly Time Frame:
MACD = Down
Stochastic = Down
B. Band = Bottom
Summary: Support continuation of bearish trend in intermediate term
Monthly Time Frame:
MACD = Down
Stochastic = Down
B. Band = Bottom
Summary: Support continuation of bearish trend in the long-term
Fundamental Data:
On Monday and Tuesday fundamental data from the Euro zones are much stronger than the US Zone. There is a strong possibility of further correction in the first and second day.
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