EURUSD forecast bullish despite German GDP downgrade
Technical Analysis Summary EUR/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart Analysis
The technical analysis of the EURUSD price chart on 1-hour timeframe shows EURUSD: H1 is attempting to rebound toward the 200-period moving average MA(200) after breaching above the resistance line. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.1228. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.1201. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of -
German GDP for the third quarter was downgraded. Will the EURUSD price resume retreating?
German GDP was downgraded for the third quarter. The Destatis federal statistical office reported Germany’s gross domestic product (GDP) rose 1.7% in the third quarter of 2021 over the second quarter, after estimating in preliminary report German economy expanded 1.8% in Q3. This is bearish for EURUSD. However current technical setup is bullish for the EURUSD pair.