Euro/dollar and upcoming forecasts
Euro-dollar at the basic level
The EURUSD pair rose due to the dollar's apparent weakness this week against most currencies, and this was a result of negative data from the US economy.
But at the end of the week, Personal Consumption Expenditures index data was released, which came out better than expected, and is the Fed's preferred indicator for measuring inflation.
Therefore, it is possible to expect some upward corrections of the US dollar against most major currencies.
EURUSD at the technical level
The EURUSD pair climbed strongly during the week's trading and reached the levels of 1.1750, from which the pair completed the harmonic Gartley model.
We are currently targeting the levels of 1.1500 and then 1.1300 on the pair.
Any rise again near the levels of 1.1810 / 30 will be good selling levels given that the pair then reached the upper limit of the ascending channel on the weekly frame.
We have indicated this rise and completion of the harmonic model during our weekly analyses, and to watch the weekly analysis of currencies here
