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Apr 05

EURUSD Trading strategy this week

The strong data for U.S. ISM Services today for March of 63.7 very higher than the key border of 50.00 do not help the Dollar. ISM Services consensus expectation was 58.5 also higher than one month earlier of 55.3. The potential of the Dollar ends at levels below 1.17 and many investors open long positions with expectations to hold EURUSD long above 1.20. 
Tomorrow (Tuesday 6th) is expecting EuroZone Unemployment Rate for February as the consensus and prior month report are equal to 8.1%. 
EURUSD found very strong support at 1.1704 and 1.1748. recommends to hold long positions and use the level below 1.1748 for stop. The target is a long-term of 1.20 and may happen in the mid of April 2021.

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