Euro price forecast in the upcoming hectic week ahead. Next week will see significant Euro, German, and US data announcements.
EURO (EURUSD) PRICE VALUATION, AND ANALYTICS
Despite aggressive Fed remarks that threatened to drive the greenback higher. The US greenback has been restrained and has essentially moved flat throughout the week. Prior to the FOMC meeting on May 3, federal officials endure a blackout period starting on Monday of the following week.
According to the latest CME Fed Fund likelihood, there will be one more 25 basis point increase when the Fed takes a three-meeting break. The Federal Reserve is anticipated to begin lowering interest rates at the beginning of the fourth quarter of this year.
Euro traders will be dealing with a flurry of economic data releases
With the publication of several significant data releases next week, euro investors can expect more activity and volatility. The next week is going to focus on German economic data. However, Euro investors should also be watchful of a few US updates. Particularly the US Core PCE report, for its most recent assessment of US pricing dynamics. The activities on the agenda for next Friday might significantly affect the market. Along with the disclosure of economic statistics.
Economic Activity Schedule
The earnings season also kicks out with several major US corporations disclosing their most recent financial results. Even while they might not have much of an impact overall on the situation by itself, these might change attitudes, thus it is important to pay close attention to them.
Technical Analysis for EURUSD
The weekly range for EURUSD on the daily graph is restricted by fewer than one significant number. While this could deter investors from the duo. A breach of either the weekly low or high (1.0999) could promote a bit more action. Volatility is at a two-month low, according to the 14-day ATR near the bottom of this graph. Once more, if this narrow range breaks, volatility can rise as investors seek additional areas of support and resistance. The trading pair EURUSD is simply too significant to be silent for a long time.
According to statistics from retail traders, 43.55 percent of traders are net long, with a short-to-long ratio of 1.30 to 1. The number of investors who are net-long is down 3.24% from yesterday and up 46.51% from the previous week. Whereas the amount of traders who are net short is up 0.64% from Friday and down 25.20% from the previous week.
