Weekly Forex News Events for EURUSD – 26th to 30th Dec 2016
EURUSD made a bearish spinning top candle last week. It is considered as a reversal signal. However, existent trend suggests it is a continuation pattern. Last week’s unemployment claim was more than the forecast. Thus, sellers of the pair let the pair make an upside correction. I would consider it as a correction since the trend seems to be intact and sellers are going to sell off as soon as they get the opportunities on EURUSD.
EURUSD has some important news events next week. Here they are
- CB consumer confidence -December 27- 15.00 GMT
- Unemployment claims – December 29- 13.30 GMT
- Crude oil inventories – December 29- 16.00 GMT
Among three of these news events, traders have to be careful wih “Unemployment Claims”. Last week, Forecast was 255K, but original claim was 275K. It would have been enough to drive EUROUSD’s price much higher than it is now. Since the EURUSD trend has been very bearish, so the buyers of the pair were not that confident to push the pair further up.
Next week’s forecast is 277K. Look at the consistency of Unemployment figure; it is a huge number. Last 4 weeks’ average claim has been 265K. Thus, next week’s original claim should be less than the forecast. However, we never know. Now let us have a look what happens if the original claim is less than the forecast.
The price should start going down towards the support level of 1.03500 and break it. If the level gets broken by the price, then the parity is on the card before this year ends. On the other hand, if the original claim is more than the forecast, then the price will go up. Obviously, it would not have as much pressure as it would have towards south. Nevertheless, it would have more buying speed than the week that we have just seen off.
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