EURUSD analysis week 33
Fundamental Analysis
EUR/USD traded sideways above the round-figure support of 1.0900 in New York trading on Friday. The ECB is expected to cut interest rates two more times this year as the Eurozone economy struggles and price pressures are on track to return to the desired 2%. However, ECB officials have yet to commit to a predetermined rate-cutting path as they expect a path towards the central bank's 2% target.
The US dollar (USD) consolidated in a narrow range, with investors focused on the extent to which the Federal Reserve (Fed) will cut interest rates at its September meeting. Looking ahead, the next trigger for the US dollar will be the US (US) Consumer Price Index (CPI) data for July, due out on Wednesday.
Technical Analysis
GBPUSD continues to trade within an ascending channel with the nearest support and resistance in the price range of 1.100 and 1.074. On the H4 timeframe, the EMA 34 has crossed above the EMA 89, indicating that the market structure is starting a new uptrend in line with the current price channel with the highest Resistance at the peak of the beginning of this year around 1.112. On the other hand, any daily close above the support level of 1.075 would confirm that EURUSD could break the ascending channel and move towards the support level of last month around 1.062.
Resistance: 1.100-1.112
Support: 1.075-1.062
Trading Signals
SELL EURUSD zone 1.100-1.102 SL 1.104
BUY GBPUSD zone 1.075-1.073 SL 1.071
EUR/USD traded sideways above the round-figure support of 1.0900 in New York trading on Friday. The ECB is expected to cut interest rates two more times this year as the Eurozone economy struggles and price pressures are on track to return to the desired 2%. However, ECB officials have yet to commit to a predetermined rate-cutting path as they expect a path towards the central bank's 2% target.
The US dollar (USD) consolidated in a narrow range, with investors focused on the extent to which the Federal Reserve (Fed) will cut interest rates at its September meeting. Looking ahead, the next trigger for the US dollar will be the US (US) Consumer Price Index (CPI) data for July, due out on Wednesday.
Technical Analysis
GBPUSD continues to trade within an ascending channel with the nearest support and resistance in the price range of 1.100 and 1.074. On the H4 timeframe, the EMA 34 has crossed above the EMA 89, indicating that the market structure is starting a new uptrend in line with the current price channel with the highest Resistance at the peak of the beginning of this year around 1.112. On the other hand, any daily close above the support level of 1.075 would confirm that EURUSD could break the ascending channel and move towards the support level of last month around 1.062.
Resistance: 1.100-1.112
Support: 1.075-1.062
Trading Signals
SELL EURUSD zone 1.100-1.102 SL 1.104
BUY GBPUSD zone 1.075-1.073 SL 1.071
Note
EUR/USD appreciates above 1.0900, upside seems limited due to Middle East tensions
EUR/USD halts its four-day losing streak, trading around 1.0920 during the Asian session on Monday. Traders await the preliminary Gross Domestic Product data for the Eurozone's second quarter, which is set to be released on Wednesday.
Note
EUR/USD finds the high side amid broad-base Greenback softness
EUR/USD climbed on Tuesday, bolstered by a broad weakening of US Dollar bids after US Producer Price Index inflation cooled faster than expected. Fiber traders still await pan-EU Gross Domestic Product growth numbers slated for early Wednesday.
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