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EUR/USD shot up to 1.1700, "black Monday", reaching the confluence of several important resistances. Because the market was experiencing a lot of stress, investors bought low-yielding Euro as a safe haven. Then, however, global the risk sentiment improved, and the pair reversed to the downside, falling below 1.1300. Data released in the Eurozone last week, as usual, were mixed and were not given any radically new information about the state of the economy of the region.
Meanwhile, Greece was finally able to get out of the political impasse, which lasted a whole week. The head of the provisional government became a 65-year-old Vasiliki tan – the first in the country's history a woman in this position. Thanu is a strong opponent of austerity measures. The main task of the new government will have training scheduled for September parliamentary elections, but the tan is likely to take action and on such vital issues as the influx of migrants.
The main event next week for the Euro will be the European Central Bank's meeting on Thursday. There are many reasons to expect that the tone of the statements made by the regulator will "pigeon": inflation expectations fell, the price of oil hit 6-year lows, while the Euro is at relatively high levels. Given concerns about the situation in China, the ECB President Mario Draghi is likely to emphasize the negative risks to the economy of the monetary Union. It is likely that Draghi will hint at the possibility that quantitative easing (QE) will continue beyond September 2016. Such comments would have a negative impact on EUR/USD. Traders also should pay attention to the fresh release of European inflation data for August, which will be held on Monday, these data will largely be guided by the ECB.
Although we expect a negative influence of the ECB on the Euro, it should be borne in mind that the attitude of investors to risk is still very unstable. Equity markets have not yet stabilized, we cannot exclude negative outbursts that will push the Euro up. Thus, you need to be prepared for volatile trading.
The technical picture for the Euro looks bearish. On the weekly chart formed a bearish candlestick shooting star with a long upper shadow. In addition, the pair moved below the 200-day average. Support is at 1.1150, 1.0950, 1.0850 1.0800 and. The group of resistances is at 1.1380, 1.1430 and ahead of 1.1500 1.1700.
Meanwhile, Greece was finally able to get out of the political impasse, which lasted a whole week. The head of the provisional government became a 65-year-old Vasiliki tan – the first in the country's history a woman in this position. Thanu is a strong opponent of austerity measures. The main task of the new government will have training scheduled for September parliamentary elections, but the tan is likely to take action and on such vital issues as the influx of migrants.
The main event next week for the Euro will be the European Central Bank's meeting on Thursday. There are many reasons to expect that the tone of the statements made by the regulator will "pigeon": inflation expectations fell, the price of oil hit 6-year lows, while the Euro is at relatively high levels. Given concerns about the situation in China, the ECB President Mario Draghi is likely to emphasize the negative risks to the economy of the monetary Union. It is likely that Draghi will hint at the possibility that quantitative easing (QE) will continue beyond September 2016. Such comments would have a negative impact on EUR/USD. Traders also should pay attention to the fresh release of European inflation data for August, which will be held on Monday, these data will largely be guided by the ECB.
Although we expect a negative influence of the ECB on the Euro, it should be borne in mind that the attitude of investors to risk is still very unstable. Equity markets have not yet stabilized, we cannot exclude negative outbursts that will push the Euro up. Thus, you need to be prepared for volatile trading.
The technical picture for the Euro looks bearish. On the weekly chart formed a bearish candlestick shooting star with a long upper shadow. In addition, the pair moved below the 200-day average. Support is at 1.1150, 1.0950, 1.0850 1.0800 and. The group of resistances is at 1.1380, 1.1430 and ahead of 1.1500 1.1700.
