EURUSD Potential Forecast | 7th March 2023
Fundamental Backdrop
1. Given Jan's whopping NFP print of 517k jobs, will the job market continue its resilience and stay strong consistently? Or was the month of January just an anomaly?
2. EUR is also riddled with plenty of economic news and data releases such as the retail sales m/m and CPI news release.
3. Mixed sentiments surrounding the USD due to the "hot and cold" data news releases, from the poor durable goods orders m/m due to Boeing , to the decent ISM manufacturing index and to the weakening consumer confidence in the US.
4. However, NFP will provide a confirmation to the upcoming bias for the dollar.
Technical Confluences
1. Price is currently rejecting off the H4 resistance at 1.0685.
2. Price could potentially retrace to the next LTF support at 1.0622 where the ichimoku cloud lies which can also serve as a dynamic support.
Idea
Price could potentially tap into 1.0622 before heading back up. #OPINIONLEADER#
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