EURUSD produced a Spinning Top candle on the Weekly chart last week. As things stand, the price seems to be caught within a horizontal channel. Traders would love to see a breakout of the channel. What is interesting is if a breakout really happens in the next week that would probably be a very technical breakout. There are not many high impact news events in the next week. Thus, the pair would run on technical rather than fundamental as far as I am concerned. However, there are still two high impact news events that have to be dealt carefully by the traders since they could create volatility on EURUSD. Let us have a look at those...

Wednesday-21^st June-20.30 GMT

• Crude oil inventories

This one is a typical high impact news event, which could create huge volatility. In fact, it often ends up producing long spikes on the Intra-day charts. Thus, EURUSD intra-day traders have to be careful before this news event.

Thursday-22^nd June- 18.30 GMT

• Unemployment Claims

Certainly, this is going to be the news event, which EURUSD traders have to give a lot of emphasis on. This news event usually creates huge volatility. Since EURUSD traders will not have to face that many news events coming week, so this one will be given importance by the traders. This week’s forecast is 241K. Last week’s claim was 237 K. This means they are expecting more unemployment next week. Now lets us wait and see what comes out and how the market reacts to it.