EUR/USD calendar data analysis, effect on price direction?
Updated
In my previous idea I mentioned reasons why price action is at risk of retesting 1.1800,
here I will mention the updates related to macroeconomic calendar and how it can affect the price direction?
MACROECONOMIC CALENDAR UPDATES AND ANALYSIS
1- German and EU PMI data ( Services PMI, Manufacturing PMI, Markit Composite PMI ) readings reflected modest drop = indicating slower overall economic performance in August, and if to combine it with the ECB policy (dovish, extended PEPP) = decrease the chance to break above the resistance 1.1750 but I still mention that it is possible to retest 1.1800 according to recent fundamentals.
2- U.S. PMI data ( ( Services PMI, Manufacturing PMI, Markit Composite PMI ) readings reflected modest drop = indicating slower overall economic performance in August, and if to combine it with the high inflation = on the contrary good for the USD as the data signs for lesser running hot economy, also it is wise not to forget the Fed is still shifting its tone to Hawkish and doing somehow progress to announce official date of tapering asset purchases.
3- U.S. Existing Home Sales data reading reflected modest rise in the number of residential buildings were sold during July = more demand to buy residential homes, more demand on USD which is the last reason in macroeconomic calendar data to decrease the expectations to break above 1.1750.
CONCLUSION
- PRICE RANGE REMAINS 1.1650-1.1800 AHEAD OF JACKSON HOLE SYMPOSIUM -
- DUE TO MONDAY'S MACROECONOMIC CALENDAR DATA, CHANCES TO BREAK ABOVE 1.1750 BECAME LESS BUT STILL EXISTING -
- FOLLOWING RISK MANAGEMENT RULES, IT IS BETTER TO CLOSE LONG POSITIONS AT THAT CRITICAL POINT AND WAIT FOR MORE DATA APPROVALS TO PREDICT NEXT ENTRIES -
- THIS OUTLOOK REMAINS ONLY TILL UPCOMING NEWS AND DATA THAT MAY CHANGE THE PRICE RANGE, SO I WILL UPDATE ACCORDINGLY -
here I will mention the updates related to macroeconomic calendar and how it can affect the price direction?
MACROECONOMIC CALENDAR UPDATES AND ANALYSIS
1- German and EU PMI data ( Services PMI, Manufacturing PMI, Markit Composite PMI ) readings reflected modest drop = indicating slower overall economic performance in August, and if to combine it with the ECB policy (dovish, extended PEPP) = decrease the chance to break above the resistance 1.1750 but I still mention that it is possible to retest 1.1800 according to recent fundamentals.
2- U.S. PMI data ( ( Services PMI, Manufacturing PMI, Markit Composite PMI ) readings reflected modest drop = indicating slower overall economic performance in August, and if to combine it with the high inflation = on the contrary good for the USD as the data signs for lesser running hot economy, also it is wise not to forget the Fed is still shifting its tone to Hawkish and doing somehow progress to announce official date of tapering asset purchases.
3- U.S. Existing Home Sales data reading reflected modest rise in the number of residential buildings were sold during July = more demand to buy residential homes, more demand on USD which is the last reason in macroeconomic calendar data to decrease the expectations to break above 1.1750.
CONCLUSION
- PRICE RANGE REMAINS 1.1650-1.1800 AHEAD OF JACKSON HOLE SYMPOSIUM -
- DUE TO MONDAY'S MACROECONOMIC CALENDAR DATA, CHANCES TO BREAK ABOVE 1.1750 BECAME LESS BUT STILL EXISTING -
- FOLLOWING RISK MANAGEMENT RULES, IT IS BETTER TO CLOSE LONG POSITIONS AT THAT CRITICAL POINT AND WAIT FOR MORE DATA APPROVALS TO PREDICT NEXT ENTRIES -
- THIS OUTLOOK REMAINS ONLY TILL UPCOMING NEWS AND DATA THAT MAY CHANGE THE PRICE RANGE, SO I WILL UPDATE ACCORDINGLY -
Note
Breaking news"House adopts $3.5 trillion budget blueprint backed by Biden"
Price range is changed, most likely to more Bullish but still not confirmed, I will explain in next idea.
I thank traders for support and paying attention.
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.