Next week is a FED week, so expecting some range play until wednesday and other than weakness early next week, I won’t predict much. EU and GU should gain a little on monday, 50-60 pips, maybe more and other than that I would advise to wait for wednesday. It can easily happen that USD will weaken before FED, then gain some during the meeting, just to continue weakness from thursday again. But that is just my speculation, so lets focus on easier trades before that. EG did some heavy bottoming over the past 2 weeks and should move up towards 8500 and higher. But this is a tough pair to trade…it can stay in small ranges for a long time, so I hope it won’t get stuck below 8400 for too long. Once 8400 breaks, 8450 should be an easy target…after that lets see what happens. Eventually 8570 should be taken out, but like I said…its impossible to predict the time when it happens. Easiest trade of the week could be EURCHF, as it arrived at a strong demand zone, on a friday, with some good bottoming during the US session…so the upmove could start as early as monday. Some German data is being released on monday, so if that is positive, it could provide the necessary boost. And following the data coming out of the EU lately, its been highly positive, so monday’s news should be “green”, too.
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