Main Scenario: As long as it stays under 1,1115 – 1,1555 region, our main expectation is NEGATIVE!
Target Expectation: 1,1000 – 1,0960 – 1,0920
Considerations Supporting The Scenario: The top of the downtrend passes through the 1.1115 – 1.1555 region. In addition, the Stochastic Oscillator indicator may be prepared for a possible return while in the overbought zone above the 80 level to support possible negative expectations.
Alternative Scenario: In case of 4 – hour closing over 1.1115-1.1555 zone, the alternative expectation is POSITIVE!
Alternative Target Expectation: 1,1200 – 1,1238 – 1,1347
MOST IMPORTANT NEWS OF THE WEEK:
- Factory orders data from Germany,
- Speech by European Central Bank (ECB) Member De Guindos,
- Speech by Tenreyro, Member of the Bank of England (BoE),
- ADP Non-Farm Employment Change, Non-Farm Productivity, Unit Labor Costs, Service Purchasing Managers Index (PMI), Factory Orders, ISM Non-Manufacturing Purchasing Managers Index (PMI) and Energy Information Office Crude Oil Stocks data from US,
- Speech by Thomas Jordan, Governor of the Swiss National Bank (SNB)
- Industrial Production from Germany,
- Gross Domestic Product from The Eurozone,
- Interest rate decision from Russia and Central Bank of Russia (CBR) press conference,
- Consumer Price Index From Brazil,
- Average Hourly Earnings, Average Hourly Income, Non-Farm Employment, Unemployment Rate, and US Federal Reserve (Fed) President Powell’s Speech from US,
- Employment Change, unemployment rate and Ivey PMI data from Canada.