Home Forex Day by day Foreign exchange Information and Watchlist: EUR/USD

Day by day Foreign exchange Information and Watchlist: EUR/USD

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Day by day Foreign exchange Information and Watchlist: EUR/USD

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The ECB resolution is comin’ proper up!

Can one other charge hike maintain EUR/USD’s rally previous this inflection level?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out AUD/NZD’s double high sample after the downbeat Australian CPI report. Be sure you take a look at if it’s nonetheless a great play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Recent Market Headlines & Financial Information:

FOMC hiked rates of interest by 0.25% from 5.25% to five.50% as anticipated, maintained bias to maintain tightening as wanted

Fed head Powell says that September assembly continues to be dwell, resolution to be based mostly on a pair extra CPI reviews and jobs information

Canadian PM Trudeau introduced a cupboard reshuffle so as to put extra give attention to financial restoration

Australian import costs fell by 0.8% q/q as anticipated in Q2, following earlier 4.2% hunch because the export worth index tumbled 8.5%

German GfK shopper local weather index improved from upgraded -25.2 studying to -24.4 vs. -24.8 forecast to mirror slight decline in pessimism

Spanish unemployment charge dipped from 13.3% to 11.6% vs. 13.0% forecast, because the variety of employed rose by 603,900 in Q2

Worth Motion Information

Overlay of USD Pairs 15-min Charts

Overlay of USD Pairs 15-min Charts

The U.S. greenback was already on the again foot main as much as the FOMC resolution, as some anticipated Fed officers to tone down their hawkish rhetoric.

Though the Fed hiked charges by 0.25% as anticipated and Powell saved the door open for a September hike, the greenback nonetheless offered off throughout the board after the announcement.

By the point the Asian markets opened, the greenback staged yet one more tumble, suggesting that merchants aren’t precisely optimistic that the U.S. central financial institution can maintain its aggressive tightening bias for for much longer.

ECB financial coverage resolution at 12:15 pm GMT
U.S. superior GDP at 12:30 pm GMT
U.S. core sturdy items orders at 12:30 pm GMT
ECB press convention at 12:45 pm GMT
Tokyo core CPI at 11:30 pm GMT
Australian PPI at 1:30 am GMT
Australian retail gross sales at 1:30 am GMT
BOJ financial coverage resolution arising

Use our new Foreign money Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

EUR/USD 15-min Forex Chart

EUR/USD 15-min Foreign exchange Chart by TV

This pair is cruising increased inside a small ascending channel seen on its hourly timeframe. Based mostly on that sharp bounce off the channel assist, bullish vibes nonetheless appear to be fairly sturdy.

Nonetheless, the rally could be minimize brief as EUR/USD approaches the channel high, which occurs to be close to R2 (1.1150) and a minor psychological mark. That is additionally proper round its intraweek highs.

If the ceiling holds, the pair may fall again to the 1.1100 main psychological mark or the channel backside.

Sustained bearish momentum would possibly even spur a break decrease and a transfer all the way down to the pivot level (1.1080) or the day before today lows.

Upcoming top-tier catalysts just like the ECB charge resolution and U.S. superior GDP launch would possibly decide the place this pair is headed subsequent. Word that one other ECB hike is eyed whereas the U.S. progress determine may level to weaker financial exercise in Q2.

In any case, count on extra volatility for this pair nearer to those main occasions!

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