EURUSD Analysis week 31
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🌐Fundamental Analysis
After recovering to 1.0870 early Thursday, EUR/USD lost momentum and closed the trading day almost unchanged at just higher 1.0850 as the US Dollar (USD) benefited from upbeat data releases. Although risk sentiment appeared to be improving early Friday, the Euro struggled to attract buyers.
Next week, the key EU-wide Harmonized Consumer Price Index (HICP) inflation figures will drop on Wednesday, giving investors a clear picture of when they can expect the ECB to cut interest rates next after policymakers cut by 25 basis points in June. EU-wide HICP inflation for the year ending July is expected to have eased to 2.3% from 2.5% YoY.
On the US side, the Fed will also deliver its latest rate call, which is expected on Wednesday. The US central bank is widely expected to keep rates on hold in July, but investors will be watching for any major changes in policy makers’ rhetoric. Next Friday will also see the US Non-Farm Payrolls, a key data point for pricing in the possibility of a September rate hike.
🕯Technical Analysis:
EURUSD remains in an uptrend, with a clear formation of wave 5 of the Elliot Wave pattern with technical support at 1.085-1.083. In the event of a completed wave 5, the pair could top around 1.100.
EURUSD is hesitating around the EMA 34 and EMA 89, although showing an uptrend, the narrowing of the EMAs also increases the possibility of a trend reversal. RSI is trading below 50 but still above the 14-day moving average. This shows that investors are hesitant to choose sides at the moment. The upside is still in favor of investors who prefer wave trading.
The support level of 1.084 is the key zone that determines the trend of the currency pair. If the structure is broken to move to the lower support zone, 1.077 will be the immediate area to play a role. On the other side, the first price reaction can be considered at the top resistance of 1.095, the highest level can be 1.100, the end of the wave pattern can be at Fibonacci 1.272
Resistance: 1.095-1.100
Support: 1.283-1.276
📈Trading signals📉
SELL GBPUSD zone 1.100-1.102 Stoploss 1.104
BUY GBPUSD zone 1.076-1.274 Stoploss 1.272
After recovering to 1.0870 early Thursday, EUR/USD lost momentum and closed the trading day almost unchanged at just higher 1.0850 as the US Dollar (USD) benefited from upbeat data releases. Although risk sentiment appeared to be improving early Friday, the Euro struggled to attract buyers.
Next week, the key EU-wide Harmonized Consumer Price Index (HICP) inflation figures will drop on Wednesday, giving investors a clear picture of when they can expect the ECB to cut interest rates next after policymakers cut by 25 basis points in June. EU-wide HICP inflation for the year ending July is expected to have eased to 2.3% from 2.5% YoY.
On the US side, the Fed will also deliver its latest rate call, which is expected on Wednesday. The US central bank is widely expected to keep rates on hold in July, but investors will be watching for any major changes in policy makers’ rhetoric. Next Friday will also see the US Non-Farm Payrolls, a key data point for pricing in the possibility of a September rate hike.
🕯Technical Analysis:
EURUSD remains in an uptrend, with a clear formation of wave 5 of the Elliot Wave pattern with technical support at 1.085-1.083. In the event of a completed wave 5, the pair could top around 1.100.
EURUSD is hesitating around the EMA 34 and EMA 89, although showing an uptrend, the narrowing of the EMAs also increases the possibility of a trend reversal. RSI is trading below 50 but still above the 14-day moving average. This shows that investors are hesitant to choose sides at the moment. The upside is still in favor of investors who prefer wave trading.
The support level of 1.084 is the key zone that determines the trend of the currency pair. If the structure is broken to move to the lower support zone, 1.077 will be the immediate area to play a role. On the other side, the first price reaction can be considered at the top resistance of 1.095, the highest level can be 1.100, the end of the wave pattern can be at Fibonacci 1.272
Resistance: 1.095-1.100
Support: 1.283-1.276
📈Trading signals📉
SELL GBPUSD zone 1.100-1.102 Stoploss 1.104
BUY GBPUSD zone 1.076-1.274 Stoploss 1.272
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EUR/USD consolidates its losses near 1.0800 ahead of Eurozone CPI, Fed rate decisionThe EUR/USD pair consolidates its losses around 1.0815 during the early Asian session on Wednesday. The major pair edges lower amid risk-aversion and weaker-than-expected preliminary Gross Domestic Product for Q2 from Germany.
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