Euro
Euro nose dived last week once again. Non other than ECB chairman Mario Draghi statement irk traders. He said we may not see first rate hike in summer 2019 and they may delay any rise in interest rate. Traders took this seriously and started selling. It crashed at lowest. We seen lowest euro since July 21, 2017.
Euro to dollar did not sustained on lower levels as suggested in our daily forecast. It bounced back pretty hard and recovered more than 150 pips in single trading session. Euro to dollar gave good close at 1.1650.
A good support on eurusd chart stands at 1.1500, This is major base for euro. If traders tank this base this week and manage to close below our support. Then expect good pressure and fresh selling in euro to dollar upto 1.1430- 1.1350.
A good resistance on euro to dollar chart stands at 1.1750, If traders break and close above our resistance. Then expect good recovery in euro upto 1.1820- 1.1899.
Euro trend conclusion: Eurusd is weak for upcoming week but we do not recommend any sell for now. Keep an eye on daily levels to take any major trade. We might see trend reversal so wait for any major sell.
DJIA Index
Dow Jones Industrial Average Index opened near 25000 last week but crashed as soon as it opened. Our subscribers enjoyed this crash as we were in selling most of the time. US30 Index finally closed at 24600 giving some positive movement after recovering from 24450.
A good support on Dow Index chart stands at 24400, If traders break and close below our support. Then expect good pressure in Wall Street upto 24100- 23800 this week.
A good resistance on DJIA Index chart stands at 24820, If traders break and close above our resistance. Then expect good recovery upto 25000- 25250.
Dow Index trend conclusion: US30 is flat for this week. Keep an eye on technical levels to take any trade.
Dollar Index
Dollar Index ( DXY )showed some mercy on sellers as it retraced back from 95 to 94. Main crash came due to profit booking in greenback. Weekly close came healthy above 94. A good support on dollar chart stands at 93.68, If traders break and close below our support. Then expect upper hand of bears upto 93.40- 93.05 this week. Below 92.68 major selling should begin to test upto 90.50.
A good resistance on dollar chart stands at 95.25, If traders break and close above our resistance. Then expect good journey towards upto 95.80- 96.20 and more power to dollar not ruled out.
Dollar Index trend consluion: USD Index is positive for now. Keep an eye on daily levels to determine trend.
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