It is brand new week and I hope that you have a good trading week ahead...
here is this week's Forex outlook
Source: Investing.com
Investing.com - The dollar inched higher against the euro on Friday, but still ended the week lower after the Federal Reserve indicated that its isn’t going to raise interest rates for a long period of time.
Euro ends week higher against softer dollar
EUR/USD dipped 0.06% to 1.3598 late Friday, but posted a weekly gain of 0.47%.
The pair is likely to find support at 1.3540 and resistance at 1.3650.
The greenback remained under pressure after the Fed gave no indication of when interest rates could start to rise at the conclusion of its two-day meeting on Wednesday. In addition, the Fed’s forecast of where interest rates might reach in the long term fell from 4% to 3.75%.
The central bank cut its bond purchases by $10 billion a month, to $35 billion, saying there was "sufficient underlying strength" in the U.S. economy to continue tapering.
Despite this, the Fed also lowered its forecast for growth this year to a range of 2.1% to 2.3% from 2.8 to 3.0% previously, due to "unexpected contractions" in the first quarter as a result of the unusually harsh winter.
The Fed acknowledged the recent increases in inflation and drop in unemployment, but Chair Janet Yellen said no formula was in place for when interest rates would start to rise.
For my trades, I have 2 trades that was from last week and I have already entered 2 new trades for this week.
Hope that the prices will hit my take profits.
Happy trading, Yours sincerely,
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