šFundamental Analysis
EURUSD surged in the North American session after Federal Reserve Chairman Jerome Powell gave the green light to interest rate cuts, as he believes inflation is approaching the central bank's 2% target. The pair traded near 1.120, a recent month high.
The week ahead opens with a relatively quiet data schedule, however key inflation data points from both the EU and the US remain in the shadows. US Gross Domestic Product (GDP) growth figures will act as the precursor event on Thursday, but EURUSD traders will focus on a double headline on inflation scheduled for Friday next week.
The EU Harmonized Consumer Price Index (HICP) preliminary inflation figures for August are due out next Friday and are widely expected to show that the core EU inflation figures continue to cool towards the European Central Bankās (ECB) 2% annual target. On the US side, the Personal Consumption Expenditures (PCE) price index will be released on Friday.
šTechnical Analysis:
EURUSD has formed a strong uptrend that is the highest in the past month following the latest Fed data. On the D1 timeframe, the EMA 34 is sloping up strongly against the EMA 89, suggesting that the market structure is tilted to the upside with the nearest trading range around 1.127-1.110. With such a strong rally, the upside could extend next week to the resistance at 1.14. Any pullback at the moment is seen as a good time to buy rather than a trend reversal. The best BUY level is around 1.100 strong resistance zone that EURUSD broke through and now forms a strong support zone when the pair price returns.
Resistance: 1.127-1.146
Support: 1.110-1.100
šÆTrading signals
BUY EURUSD zone 1.127-1.129 Stoploss 1.131
SELL EURUSD zone 1.100-1.098 Stoploss 1.096
EURUSD surged in the North American session after Federal Reserve Chairman Jerome Powell gave the green light to interest rate cuts, as he believes inflation is approaching the central bank's 2% target. The pair traded near 1.120, a recent month high.
The week ahead opens with a relatively quiet data schedule, however key inflation data points from both the EU and the US remain in the shadows. US Gross Domestic Product (GDP) growth figures will act as the precursor event on Thursday, but EURUSD traders will focus on a double headline on inflation scheduled for Friday next week.
The EU Harmonized Consumer Price Index (HICP) preliminary inflation figures for August are due out next Friday and are widely expected to show that the core EU inflation figures continue to cool towards the European Central Bankās (ECB) 2% annual target. On the US side, the Personal Consumption Expenditures (PCE) price index will be released on Friday.
šTechnical Analysis:
EURUSD has formed a strong uptrend that is the highest in the past month following the latest Fed data. On the D1 timeframe, the EMA 34 is sloping up strongly against the EMA 89, suggesting that the market structure is tilted to the upside with the nearest trading range around 1.127-1.110. With such a strong rally, the upside could extend next week to the resistance at 1.14. Any pullback at the moment is seen as a good time to buy rather than a trend reversal. The best BUY level is around 1.100 strong resistance zone that EURUSD broke through and now forms a strong support zone when the pair price returns.
Resistance: 1.127-1.146
Support: 1.110-1.100
šÆTrading signals
BUY EURUSD zone 1.127-1.129 Stoploss 1.131
SELL EURUSD zone 1.100-1.098 Stoploss 1.096
Trade active
activeNote
EUR/USD backslides in broad-market Greenback bounceEUR/USD pared back recent gains on Monday, slipping back from 1.1200 as traders ease off the gas pedal in broad-market Dollar-negative flows that sent Fiber into its highest bids in 13-months last week. Market risk appetite remains on balance to get the new trading week fired up.
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JOIN OUR FREE TELEGRAM GROUP t.me/+7rqP7ECMjpUxMzBl
MESSAGE US FOR VIP SIGNALSš t.me/Leilani8597
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Related publications
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.