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EUR/USD Begins Week With Narrow Side Movement

EUR/USD Begins Week With Narrow Side Movement

The new week starts with no agreement in the United States, but markets do not react with panic. It seems that investors are discounting a late agreement in the last day before the deadline. During the night, the World Bank cut the China and East Asia growth forecast, but it had no major outcome on the EUR/USD. Technically, we start this week in a narrow side movement between the 1.3560 support and the 1.3577 resistance which will determine the first hours of the European session. The base scenario stays the same as it was after the FOMC statement, and it is bullish. It was not changed even on Friday when buyers decided to take profit from their long positions. The small correction after Thursday’s highs is a normal thing and should not be considered as a trend reversal. Bullish scenario is on, as long as the price stays above the black line connecting recent higher highs. Bearish breakout will lead to the bigger downswing, at least to the psychological support at 1.34. Today, we do not have any major macroeconomic data, so the debt ceiling will be the main information for the markets.

EUR/USD Hour Chart” title=”EUR/USD Hour Chart” src=”” height=”360″ width=”782″ />

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