TECHNICAL DAILY OUTLOOK – EYES ON 1.0795.
U.S. GROSS DOMESTIC PRODUCT (12:30 GMT) CAN IMPACT.
When it comes to Fridays, we have to take a look also at weekly charts, in order to get what kind of pattern is going to be completed this week.
As we can see, weekly price is bouncing from 1.066 (to where several long-term trendlines flow in).
If we take a look at the Daily chart, we see that 1.10380 was hit several times starting from Wednesday the 18th. And never broken up. What I think is that price will lay over 1.088 until it will find the definitive way to 1.07950 (38.2 fibo retracement on a M30-H1 timeframe).
In case, a firm and clear breakout of 1.07950 level (likely to occur if U.S. numbers will be better than expectations) would put increasing bearish pressure until 1.066 (which is 61.8 fibo retracement on a M30-H1 timeframe beside being a weekly essential support likely to be tested again soon or later).
Author: Simone Ambrogio
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