In the EURUSD currency pair, we are seeing the end of the multi-month downtrend and the uptrend. Given the global economic and political developments, and in particular the discussion of Britain's departure from the European Union, there has been a great deal of political economic pressure on EU countries. Therefore, the currency of the region under these pressures saw a sharp drop in value against other currencies. Last week's fluctuations last week gave hope to traders and investors in the global financial markets that the downtrend was over and could count on the euro's rise. On the other hand, last week's meeting of EU officials with Turkish officials has raised the possibility in the international community that the EU intends to replace Turkey after the UK leaves the EU. Turkish officials have also expressed interest in joining the union. This could provide significant financial benefits through Turkey and links to the Middle East and Asia.
S1 : 1.1080
S2 : 1.1065
S3 : 1.1050
R1 : 1.1100
R2 : 1.1115
R3 : 1.1140
Also, technical analysis using moving averages (5 - 10 - 20 - 30 - 50 - 100 -200) all emphasized the price rise.
Some of the most important economic news this week in the European Union include:
Thursday: Manufacturing managers' buying index of five countries (Spain, Italy, France, Germany and Greece) noted.
Friday: German unemployment rate released
Friday: German consumer prices co-ordinate with other EU member states