EURUSD

This week, important US data (CB Consumer Confidence, JOLTS, ADP, and especially GDP and FOMC meeting to be announced on Wednesday) may trigger sharp movements in the pair. If the expected economic recovery signals from the US (positive GDP and employment) keep the dollar index strong, a pullback of EURUSD towards 1.16323 (pivot) and the support at 1.14941 below is likely. Negative US data and a negative dollar reaction may cause EURUSD to first approach the resistance area of 1.16798-1.18180, while a dovish signal following the FOMC could lead to convergence near the upper resistance of 1.19108. Germany's GDP and CPI data also present separate risks and opportunities for the euro side. Volatility is high, and the 1.16323 pivot is the critical level of the week!