Recently it was a good practice to make the weekly analysis starting from what happened on the markets of Monday, in that way Monday being the leading day of the week. This week I am quite late. However as the market is still in consolidation between 1.33 and 1.34 from the beginning of the week it is worth to post my support and resistence levels.
Resistence:
Major levels: 1.34, 1.35, 1,36
Secondary levels: 1.345,1.355,1365
Support:
Major levels: 1.33, 1.32, 1.31
Secondary levels: 1.325, 1.315
According to dailyfx analitist David Rodriguez the level of 1.32 is a key level rearding the strenght of the trend of EUR/USD. This conforms our analysis from the last week when we mentioned that We have many clusters of support below the market at 1.32 and 1.325.
Technically we have a channel clearly visible on the daily frame. And we are on its lower limit. From technical perspective that would mean that the market is forced to make a choice.
Choice 1: Going back to the channel
Choice 2: Getting out of the linear regression channel
The question is what can be the catalyst of this choice. Based on recent developments this would be some fundamental news. Recently the market on EURUSD was event driven. So More predictable economic event risk can produce the volatility and they would be concentrated on Wednesday and Thursday when US CPI and PPI inflation figures are due and when the minutes will appear from the most recent US Federal Open Market Committee (FOMC) meeting.
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