May 4th – May 10th
EURUSD pair closed last week’s trading session marginally lower on better than expected US Nonfarm payroll. Even though the US PCE disappointed investors, the US Dollar gain traction on better employment numbers and recovered all lost ground. ECB dovish comments for supporting another 0.25% interest rate cut added downside pressure on Euro pushing the pair lower. Markets are still looking for direction as the ongoing negotiations on tariffs is keeping businesses on hold.
As for this week, all eyes will be on Wednesday’s FOMC and interest rate decision. No interest rate change is expected at this meeting. The minutes and the press conference will give additional insights on FED’s future interest rate path. The light economic calendar from both sides will probably keep the pair trading within same range.
On the economic calendar we have on Monday the US ISM services PMI pointing lower at 50.6 On Wednesday European retail sales to remain unchanged at 2.3%
Technically the picture is positive after last week’s close above (23.6%) at 1.1295 In this week’s trading session if pair trades on the upside will re-test 1.1468 (0%) A break out and close above 1,1468 will open the road for 1.1568 If trades on the downside will test 1.1273 (23.6%) A break and close below 1.1273 will add downside pressure and test 1.1134 Our traders are net short positions between 1.1260 – 1.1468 targeting profits at 1.1150 if pair trades on the downside we are expecting take profits on short positions and new long positions starting at 1.1150 More aggressive short positions are expected on the way up
GBPUSD pair closed last week’s trading session marginally lower on better than expected US Nonfarm payroll. Even though the US PCE disappointed investors, the US Dollar gain traction on better employment numbers and recovered all lost ground. Markets are still looking for direction as the ongoing negotiations on tariffs is keeping businesses on hold.
As for this week, all eyes will be on Wednesday’s FED’s interest rate decision and on Thursday’s BOE’s interest rate decision. FED is expected to maintain interest rates unchanged. The minutes and the press conference will give additional insights on FED’s future interest rate path. BOE is expected to cut interest rates by 0.25%. We are expecting during the beginning of the week a downside move on the pair as investors and traders will start pricing-in the divergence between the two central banks policies. Although if BOE will surprise and keep interest rates unchanged, this will trigger a huge price move on the upside.
On the economic calendar we have on Monday the US ISM services PMI pointing lower at 50.6
Technically the pair’s overall picture is positive after last week’s close just below 0% at 1.3268 As for this week, if pair trades on the upside, will test 1.3410 A break and close above 1.3410 will open the road for 1.3500 Alternative, if trades on the downside, will test 1.3157 (23.6%) A break and close below 1.3157 will open the road for 1.3078 Our traders are sitting on the side for now waiting new technical levels. We are expecting new short positions on the way up and new long positions starting at 1.3157 (23.6%).
Pour un calendrier économique plus détaillé, veuillez consulter notre calendrier économique en direct sur :
https://tentrade.com/economic-calendar/
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