FOREX FORECAST FOR THE EUR / USD - WEEK FROM 03/26 TO 03/30 BY T0RN4D0
keep it simple all the time ;)
FUNDAMENTAL ANALYSIS
The dollar was under pressure against the backdrop of the decision of US President Donald Trump to apply harshly custom duties against China. The European Union, Australia, Argentina, Brazil and South Korea will receive a temporary exemption from import duties for steel and aluminum in the United States. The preconditions for a trade war between world powers provoked concern in world markets. The single European currency against the dollar on Friday shows a moderate strengthening. Disappointing preliminary data on business activity in the industry and services sector in the euro area for March restrain the growth of quotations.
TECHNICAL ANALYSIS
The euro/dollar currency pair spent a week in a narrow range under the upper border of the trade channel. The RSI indicator on the daily chart is testing the downward trend line, it is expected to rebound downward.
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FORECAST
T0rn4d0 forecast for EUR / USD for a week on March 26-30 provides for a decline in quotations after a retest of the border of the channel (1.2350). The growth of the euro above 1.24 will cancel the downward scenario.
SIGNAL
Conservative: short operation (sell) at 1.2350, take profit at 1.2300 (first resistance). Stop loss at 1.2400
Risky: short operation (sell) at 1.2350, take profit at 1.2260 (first resistance). Stop loss at 1.2400