Wednesday analyzing the macroeconomic data would especially like to draw attention to the reading of the CPI for the Eurozone, which amounted to 0.1%, against a forecast of 0.0%. Recently we were so weak reading in April 2014. Europe is teetering on the verge of deflation, which could soon force more action from the ECB. Certainly weak data which met on Wednesday, will increase speculation about this and will support the dollar.
Forecast for Thursday:
From a technical point of view, the course discussed the currency pair should go no higher than 1,12-1,1215 and then, once again, the supply should take the initiative, leading to further declines. The supply side will have a chance to break the support level 1.1155, which will open the way toward lower price levels 1.1115 and 1,1085-90.
In an alternative version in demand will lead once again to defend support at 1.1155 and head towards 1.1240 level.
A variant of a possible correction towards 1.12 and further declines are in my opinion the preferred option. A pair EUR / USD is under pressure, which can lead to falls, even without any correction. At any rate higher price levels represent to me the perfect opportunity to open short positions.
Forecast for Thursday:
From a technical point of view, the course discussed the currency pair should go no higher than 1,12-1,1215 and then, once again, the supply should take the initiative, leading to further declines. The supply side will have a chance to break the support level 1.1155, which will open the way toward lower price levels 1.1115 and 1,1085-90.
In an alternative version in demand will lead once again to defend support at 1.1155 and head towards 1.1240 level.
A variant of a possible correction towards 1.12 and further declines are in my opinion the preferred option. A pair EUR / USD is under pressure, which can lead to falls, even without any correction. At any rate higher price levels represent to me the perfect opportunity to open short positions.