EUR/USD remains in a strong short-term uptrend, consistently respecting a rising trendline from June lows. After briefly reacting to a local ChoCh (Change of Character) near 1.1830, the pair pulled back modestly—but held support along the trendline, keeping the bullish structure intact.
Today’s U.S. macro events played a critical role:
• 🗣️ Fed Chair Powell’s speech at the Sintra Forum reaffirmed a cautious, data-driven path toward rate cuts. While not committing to immediate easing, Powell acknowledged inflation uncertainty and emphasized patience.
• 👷♂️ U.S. jobs data pointed to a cooling labor market (slower job growth, 3.9% wage inflation), reinforcing market expectations for a Fed rate cut by September.
• 📉 The U.S. dollar weakened across the board, supporting EUR/USD’s upside momentum.
Technical Highlights:
• Price is trading above a well-defined ascending trendline (support zone ~1.1775–1.1790)
• Resistance remains at 1.1815–1.1830, the previous local top
• Breakout above 1.1830 could extend the rally toward 1.1900 and beyond
Trading Plan:
• Buy Zone: 1.1775–1.1790 (near trendline)
• Stop Loss: Below 1.1740 (trendline break/invalidation)
• Take Profit 1: 1.1830
• Take Profit 2: 1.1900 (next swing target)
As long as the trendline support holds, EUR/USD remains bullish. A breakout above the current resistance zone will likely trigger the next leg up. Keep an eye on follow-through from U.S. macro data and ECB signals for confirmation.
Today’s U.S. macro events played a critical role:
• 🗣️ Fed Chair Powell’s speech at the Sintra Forum reaffirmed a cautious, data-driven path toward rate cuts. While not committing to immediate easing, Powell acknowledged inflation uncertainty and emphasized patience.
• 👷♂️ U.S. jobs data pointed to a cooling labor market (slower job growth, 3.9% wage inflation), reinforcing market expectations for a Fed rate cut by September.
• 📉 The U.S. dollar weakened across the board, supporting EUR/USD’s upside momentum.
Technical Highlights:
• Price is trading above a well-defined ascending trendline (support zone ~1.1775–1.1790)
• Resistance remains at 1.1815–1.1830, the previous local top
• Breakout above 1.1830 could extend the rally toward 1.1900 and beyond
Trading Plan:
• Buy Zone: 1.1775–1.1790 (near trendline)
• Stop Loss: Below 1.1740 (trendline break/invalidation)
• Take Profit 1: 1.1830
• Take Profit 2: 1.1900 (next swing target)
As long as the trendline support holds, EUR/USD remains bullish. A breakout above the current resistance zone will likely trigger the next leg up. Keep an eye on follow-through from U.S. macro data and ECB signals for confirmation.
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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.
Certified Pro Trader | 9+ years exp | 97% accuracy | Join Sarah Analytics : t.me/SarahAnalyticsSignals
For Gold: t.me/SarahAnalyticsSignals
For Gold: t.me/SarahAnalyticsSignals
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.