Where is EURUSD headed this week? Get our weekly forecast here
While it would be easy to say the EUR/USD went up this week as predicted, based on the notion it was felt the currency pair had been oversold the prior week, this could also be foolhardy too. The big fact in Forex for traders is, including the EUR/USD, that luck plays a role in price movement while speculating for day traders.
While the Non-Farm Employment Change figures came in weaker than anticipated and might lead some analysts to claim the higher move in the EUR/USD happened because of this result, the fact is the Average Hourly Earnings from the States came in stronger than anticipated. The higher inflation number could have easily caused a selloff of the EUR/USD, but it didn’t.The market facts are hard to know regarding why the EUR/USD climbed after the stronger than expected inflation numbers in the U.
However, technical traders may laugh at this and simply say, the EUR/USD had been oversold recently and the movement upwards was a reaction to this dynamic.
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