EURUSD Forecast and Technical Overview

The corrective rally in the EURUSD failed to break above 50-day moving average (MA) in the last two days as the Fed minutes signalled the interest rates will likely rise in September.

Fundamentals: Germany will release its Q2 GDP, while the US will publish July Durable Goods Orders, expected to decline after bouncing back in June for a negative reading in May. Powell will offer a speech within the Jackson Hole Symposium.

Technically: The pair is still under a bearish pressure. The pair tested 1.16300 but failed the break above as Fed Minutes signalled the rate hike in September.

Bearish pressure will continue as long as the price holds below 1.16500.

On the upside: EURUSD is trading at 1.15780 as of writing. If the pair breaks above 1.16300, 1.16500 and 1.16800 will be tested.

On the Downside: 1.15300 is the key support. Break below 1.15300 will carry the price 1.15000, 1.14500 and 1.13900.

Conclusion: Midterm trend reversal level is 1.16800. All pullbacks can be considered as corrective moves as long as the price holds below 1.16800.