03/06 – EURUSD outlook eyes on 1.1185


Technically daily EURUSD outlook eyes on 1.1185 level. (5:54GMT)

NEWS THAT CAN HAVE AN IMPACT:

  • EUROZONE INTEREST RATE DECISION (12:45 GMT)
  • ECB PRESS CONFERENCE (13:30 GMT)
  • UK SERVICES PMI (09:30 GMT)
  • USA ADP NON FARM EMPLOYMENT (13:15 GMT)
  • USA ISM NON MANUFACTURING PMI (15:00)

As written yesterday “we are in the middle of a bullish corrective wave Now let’s wait EUR/USD around 1.096” and “in case of a combination of good data from Eurozone and bad news from USA, then 1.1064-1.11 represents the first target likely to be tested again.”

Chart 1: Daily EURUSD eyes on 1.1185, EURUSD outlook Chart 1: Daily EURUSD eyes on 1.1185 (Click on the image to enlarge)

Today is not a day for trading via technical analysis. There are very little chances to find a precise momentum because too many different point of views (very relevant speech, news, speculations about Eurozone and USA interest rates, speculations about Non farm payrolls, etc.) will pile up.

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1.11 is now an important support and likely to support before next confirmation breakout of 1.1185. If it fails then eyes on 1.1064. If 1.1064 fails then the corrective bearish wave could be stronger than we expect.

If the fundamentals are against Euro, then be prepared to see EUR/USD again down to 1.088 with first target 1.094.

Chart 2: H4 EURUSD, EURUSD outlook Chart 2: H4 EURUSD (Click on the image to enlarge)

On the contrary, if everything boosts EUR/USD up from better-than-expected fundamental points then we can find it in 1.1240 area.

First support: 1.1080

Second Support: 1.1023

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