Week Ahead December 9th – 13th
EURUSD pair closed last week’s trading session unchanged in a relatively calm and thin trading weekly session. The on line with expectations employment reports in the US and the central banks’ official speeches, didn’t triggered any unexpected price move, therefore the pair remain within tide range during the week.
As for this week, traders and investors will mainly focus on the ECB interest rate decision. The central banks is expected to cut rates by 0.25%. Even though the rate cut is widely anticipated and priced-in, the press conference and the minutes will indicate whether the central bank will continue cutting rates through 2025 or not. From the economic calendar events, the main catalyst behind next week’s price action will be the CPI numbers from both the US and the EU.
On the economic calendar we have on Tuesday, the German Harmonized index of consumer prices to remain unchanged ta 2.4% On Wednesday, US CPI to remain unchanged at 3.3% On Thursday, US Producer price index pointing higher at 3.3%
Technically the picture is negative after last week’s close below (100%) at 1.0570 In this week’s trading session if pair trades on the upside and breaks out of 1.0596 (100%) will possibly test 1.0675 If trades on the downside will test 1.0500 as first stage before breaks lower to 1.0400. Our traders are net long with positions between 1.0767 – 1.0500 targeting profits above 1.1000 We are expecting new short positions above 1.0913 and more aggressive long positions on the way down.
GBPUSD pair closed last week’s trading session unchanged after an unsuccessful attempt to break higher in a relatively calm and thin trading weekly session. GBP took advantage of the calm weekly session and recovered some lost ground during the week, although, by the end of the week, on Friday, the pair re-treaded sharp on the downside as the US nonfarm payrolls and average hourly earnings came out marginally higher than expectations.
As for this week, traders and investors will mainly focus on technical levels. The main catalyst behind a possible price action will be the US CPI number. The lack of any high impact economic events will probably keep the weekly trading session within same range as last week.
On the economic calendar we have on Wednesday, the US CPI with expectations to remain unchanged at 3.3% On Thursday, the US Producer price index pointing higher at 3.3%
Technically the pair’s overall picture is negative even after last week’s close above 100% at 1.2740 As for this week, if pair trades on the upside, will test 1.2970 (61.8%) Alternative, if trades on the downside, will test 1.2675 (100%). Our traders are net long between 1.3038 and 1.2615 targeting profits above 1.3038 We are expecting new short positions above 1.2973 and more aggressive long positions on the way down.
Para conocer con más detalle los acontecimientos del calendario económico, visite nuestro calendario económico en directo en:
https://tentrade.com/economic-calendar/
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