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Euro and pound returned to local highs ahead of potential further gains as the first estimate of US GDP for Q4 last year is coming. Forecasts say it will show a slow down from 1.9% to 1.6%, which is not very positive. However, if this is accompanied with talks of recession in the US, a much slower rate of economic growth should be expected.
The GDP figures alone are enough to cause further decline in dollar, especially since weekly jobless claims are expected to rise by 16,000 in the US. In particular, initial claims may rise by 12,000, while repeated ones may increase by another 4,000. If these come true, both euro and pound will easily hit new local highs.
GDP (United States):
EUR/USD is moving upwards, but has not yet reached a new local high. This means that there is a chance for another 50-60 pip price increase, provided that the pair holds above 1.0930 in the four-hour (H4) timeframe. Such a scenario could bring the pair to 1.1000.
In GBP/USD, a rebound from 1.2300 brought the pair back to the local high. To prolong the cycle, buyers need to keep the quote above 1.2440 in the H4 TF, otherwise, a bounce back to 1.2300 could take place.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
