EUR / USD - the coming week will be decisive in the technical sense

Last week was really successful and victorious for the US currency in all respects. Almost all major currencies turned out to be weaker and cheaper against the US dollar. In this respect, the European currency became the leader of the decline among major majors, after the last five-day trading euro lost 1.44%.

It was already said that the dollar received support on the backdrop of an increase in the yield of 10-year US bonds. This week, investors' attention will be focused on the publication of the minutes of the last meeting of the Federal Open Market Committee. In addition, the publication of PMI indices and US consumer sentiments, as well as initial claims for unemployment benefits and orders for durable goods. This basic statistics can affect the alignment of forces.

As for the technical picture of the EUR / USD currency pair. The last week was closed very negatively for EUR / USD. Strong and medium-term signal for sale. After the breakdown of 1.1822 support and the decline under the sign level 1.1800, the market also stopped, showing lows at 1.1749. The market is oversold, and contrary to all market sentiment this week we can see a technical retracement from zone 1.1750.

Nevertheless - the coming week will be decisive in technical terms. The trading of the new week should confirm the euro's transition to the medium-term negative dynamics or disprove this hypothesis.

If the pair completes the current week under the 200th Moving, the further bearish scenario will become even stronger. On Monday, the 200th Moving is very far from the price and is located at the 1.2020 mark. If the decline continues, global support level is at 1.1550.

Trading recommendations - careful longs from 1.1750 zone