Is EURUSD back to the downtrend?

Chapter 12 Is EURUSD back to the downtrend?

01/03/2023

Summary
Eurozone Negative expectations lead the market.

Fundamental analysis
Fundamentally on this pair EURUSD, we have news coming on tomorrow in the economic calendar regarding the unemployment rates and inflation of the EUR with negative expectations, On the other hand, we have an Initial jobless claim With no expectations But as we know USD previously is gaining strength because of rising interest rate.

Eurozone Unemployment Rate

Previous 6.6%
Expected 6.6%

Is EURUSD back to the downtrend? -Pic no.1
Eurozone HICP Prelim YoY

Previous 8.5%
Expected —--

Is EURUSD back to the downtrend? -Pic no.2

USA Weekly Initial Jobless Claims

Previous 192k
Expected —----

Is EURUSD back to the downtrend? -Pic no.3

Technical analysis
In this 4-hour diagram chart, the market price now is 1.06628, we expect the market to Push down after touching the previous supply zone and also the top of the down channel And then the market will close below the 20 moving average at 1.06000 We expected Price will pull up at 1.06420 and then will continue down to the previous demand zone and also the bottom of the channel down at 1.05000 With 20 moving average keep pointing down.

Trading Recommendation

Trading Direction: Short
Entry Price:1.06415
Target Price:1.05165
Stop Loss: 1.06964

Is EURUSD back to the downtrend? -Pic no.4