On Tuesday, the EUR/USD finished the day with losses of 0.42%, closing at around 1.0954as risk appetite deteriorated on news that put a possible global economic slowdown into the table. In addition, news from Italy setting a one-off 40% tax on bank profits sent shockwaves acroos the Eurozone (EU), weakening the Euro (EUR). At the time of writing, the EUR/USD exchanges hands at 1.0956, registering minuscle losses of 0.01%.
The EUR/USD's fall was precipitated by Italy's imposing a nex tax. At the same time, inflation data from Germany eased from 6.4% in June to 6.2% YoY in July, as estimated by analysts. Month-over-month data also came at 0.3%, as foreseen and unchanged from June.
EUR/USD Price Analysis: Technical outlook
From a daily chart perspective, the EUR/USD is set to extend its losses and test the last week's low of 1.0912 before claiming the 100-day Exponential Moving Average (EMA) at 1.0901. Break of those two levels and the EUR/USD would dive toward the July 6 low at 1.0833 before challenging the 200-day EMA at 1.0795. On the opposite spectrum, if EUR/USD buyers step in and lift prices past the 20-day EMA at 1.1006, that would exacerbate a rally towards 1.1100.
The EUR/USD's fall was precipitated by Italy's imposing a nex tax. At the same time, inflation data from Germany eased from 6.4% in June to 6.2% YoY in July, as estimated by analysts. Month-over-month data also came at 0.3%, as foreseen and unchanged from June.
EUR/USD Price Analysis: Technical outlook
From a daily chart perspective, the EUR/USD is set to extend its losses and test the last week's low of 1.0912 before claiming the 100-day Exponential Moving Average (EMA) at 1.0901. Break of those two levels and the EUR/USD would dive toward the July 6 low at 1.0833 before challenging the 200-day EMA at 1.0795. On the opposite spectrum, if EUR/USD buyers step in and lift prices past the 20-day EMA at 1.1006, that would exacerbate a rally towards 1.1100.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.