Product: EUR/USD
Prediction: Decrease
Fundamental Analysis:
EUR/USD rose on Tuesday as the U.S. dollar weakened following a sharper-than-expected drop in Producer Price Index (PPI) inflation. Traders are now waiting for the Eurozone GDP growth data, due early Wednesday, but the main focus remains on the upcoming U.S. Consumer Price Index (CPI) inflation figures. Euro-area GDP for Q2 is expected to stay at 0.3% quarter-on-quarter and 0.6% year-on-year. While no changes are expected, a significant deviation could trigger risk-off selling if the data is lower, or boost the current bullish trend if growth surprises to the upside.
Technical Analysis:
EUR/USD is likely to test the August high of $1.1008 before aiming for the December 2023 high of $1.1139. On the downside, the next target is the 200-day SMA at $1.0835, followed by the weekly low of $1.0777 from August 1 and the June low of $1.0666 from June 26, before reaching the May bottom of $1.0649. Bullish momentum may continue to push prices up intraday, but there is still a risk of technical weakness as EUR/USD struggles to stay above the 200-day Exponential Moving Average (EMA) ataround $1.0820.
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تم التحرير 14 Aug 2024, 11:41
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