Happy Monday!!! See what's in store for the EURUSD this new trading week here:
Get DailyForex analysis to your emailThe EUR/USD struggled within choppy trading waters most of last week, but the currency pair was able to produce another weekly gain as it’s upwards climb remains steady.speculators likely ran into what can be described as turbulent short-term trading conditions last week with choppy results making the pursuit of the currency pair a difficult endeavor.
Intriguingly, the high for the EUR/USD was made after the Forex pair touched a low of nearly 1.07675 early on Wednesday. The move higher in the EUR/USD mirrored the results seen in the broad Forex market. The reaction higher in the EUR/USD was largely caused by the weaker expected U.S Retail Sales figures.The upwards trend in the EUR/USD has been evident over the mid-term, but choppy conditions in the currency pair last week were a good reminder momentum is never a one-way street.
The ability of the EUR/USD to remain within eyesight of highs recently attained may lead some speculators to believe if U.S. fundamental data delivers more evidence that recessionary pressures exist and inflation is moderating, the currency pair could generate higher values.Support near the 1.08350 mark should be watched early this week, if this level can hold it may be another additional bullish signal.
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