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25th April 2016
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Technical News | GDMFX Brokerage | weekly
2014.01.27 :Forex Technical Analysis: A week filled with major economic indicators
EUR/USD Forex Technical Analysis: Last week started without strong movement and a calm economic scene but as soon as better than expected Euro Zone Manufacturing data came out, the Euro strengthened substantially and the pair touched 1.3710 resistance once more.  Technical Outlook Although the bulls were in control for almost the entire week, taking the pair above 1.6600 resistance, during the last day of the previous week price dropped for almost 200 pips indicating that a reversal may be happening. The bullish trend line is not clearly broken but if this occurs, the pair’s medium term direction will be bearish and a move toward 1.6250 will be highly probable. Otherwise, 1.6750 is the next target for the bulls. Fundamental Outlook The main event of the week for the Pound is the release of UK’s Preliminary Gross Domestic Product which is scheduled Tuesday. As mentioned before, the Gross Domestic Product is an economy’s main gauge of performance and the Preliminary release tends to have the greatest impact on price action. Wednesday the UK Nationwide House Price Index is released and Thursday the value of Net Lending to Individuals comes out but both are considered medium-impact indicators and the effect on the pair varies from month to month. Of course, the US events mentioned earlier will have a direct impact on the pair’s movement. Written by: Bogdan Giulvezan The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market. Source of article from the best forex broker. </div></div></div> 
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