EURUSD Weekly Forecast and Technical Overview for Sep 30th

One of the most boring instruments to trade: EURUSD

Economic Calendar Highlights:

Monday: German Retail Sales, Unemployment.

Tuesday: German Man. PMI, Eurozone Man. PMI, CPI, US Man. PMI, US ISM Man. PMI

Wednesday: US ADP Non-Farm

Thursday: EU Markit Composite & Service PMI, EU PPI, Retail Sales, US ISM Non-Man PMI, Factory Orders

Friday: US NFP

Note: The Fed’s repo operations and tools that the Fed will use to balance dollar liquidity may create volatility in the near term picture.

Technical Overview:

We have achieved our near term target at 1.09040.

EURUSD pair must break and close above 1.11000 to enter a near term bullish trend.

The pair is trading below main EMAs on the H4 Chart. Bears are driving the pair.

On the H1 Chart, Bearish ABCD completed. 

Pullbacks towards 1.09960 and 1.10200 can be used as selling opportunities.

As seen on the headline H4 Chart, the pair is printing a three drives pattern.

1.08940 is the key support near term.

The breakdown of 1.08940 support would carry the price towards 1.08640, 1.08330 and 1.08070 – where the bullish three drives pattern would be completed –