Chapter 2 EURUSD back to the uptrend
09/07/2023
Summary
USA Non-farm payroll and CPI leads the market
Fundamental analysis
Fundamentally in this pair, We see the data released on Friday in the United States nonfarm payroll with the negative result at 209K Lower than the previous month and market expectation gives the USD weakness also on this coming Wednesday we have data release CPI inflation rate with negative expectation at 3.1% provides the USD with weakness as well.
U.S. Non-Farm Payrolls
Prev.: 306K person
Fcst: 225K person
Act.: 209K person
U.S. CPI Inflation rate YoY
Prev.: 4%
Fcst: 3.1%
Technical analysis
In this 4-hour diagram chart, the market price now is 1.09679, we expect the market to move down and touch the 20-moving average It's also the old demand zone at 1.09000 and from there market will push up to the oldest supply zone at 1.10500 Forming up channel with 20-moving average pointing up.
Trading Recommendation
Trading Direction: Long
Entry Price: 1.09093
Target Price: 1.10520
Stop Loss: 1.08399
