EURUSD Analysis week 36
🌐Fundamental Analysis
EUR/USD continued to fall sharply on Friday, extending its decline into a third straight day and dragging Fiber down to 1.1050 to close the trading week. EU inflation figures released on Friday morning failed to impress anyone in particular, and the US Personal Consumption Expenditures (PCE) price index did not deviate too far from forecasts, leading the broader market to bet on a rate cut heading into the Federal Reserve’s next rate call on September 18.
With the PCE inflation data out and offering no warning signs, the way has been opened for next week’s Non-Farm Payrolls (NFP) print, one of the last major economic data points that stand in the way of the Fed and markets clamoring for a rate cut. Next week will also open on a low note, with US exchanges expected to remain closed for the Labor Day holiday. Several Purchasing Managers Index (PMI) releases are also scattered throughout the trading week.
📊Technical Analysis
EURUSD remains in an uptrend, with a pullback over the weekend that could be a stepping stone for further gains in the coming days. On the D1 timeframe, the EMA 34 is sloping sharply higher than the EMA 89, indicating that the market structure is tilted to the upside with the most recent trading range around the support of 1.100 and the resistance of 1.127. With the pullback after meeting strong resistance as analyzed last week, the pair is still entering a strong growth phase. The upside slide could revisit the two-year high around 1.146 and the deepest, most reliable support level next week is placed by investors around 1.090 to prevent the pair from sliding too sharply.
Resistance: 1.128-1.146
Support: 1.100-1.090
🕯Trading Signal
SELL EURUSD zone: 1.127-1.129 Stoploss 1.131
BUY EURUSD zone 1.100-1.098 Stoploss 1.096
EUR/USD continued to fall sharply on Friday, extending its decline into a third straight day and dragging Fiber down to 1.1050 to close the trading week. EU inflation figures released on Friday morning failed to impress anyone in particular, and the US Personal Consumption Expenditures (PCE) price index did not deviate too far from forecasts, leading the broader market to bet on a rate cut heading into the Federal Reserve’s next rate call on September 18.
With the PCE inflation data out and offering no warning signs, the way has been opened for next week’s Non-Farm Payrolls (NFP) print, one of the last major economic data points that stand in the way of the Fed and markets clamoring for a rate cut. Next week will also open on a low note, with US exchanges expected to remain closed for the Labor Day holiday. Several Purchasing Managers Index (PMI) releases are also scattered throughout the trading week.
📊Technical Analysis
EURUSD remains in an uptrend, with a pullback over the weekend that could be a stepping stone for further gains in the coming days. On the D1 timeframe, the EMA 34 is sloping sharply higher than the EMA 89, indicating that the market structure is tilted to the upside with the most recent trading range around the support of 1.100 and the resistance of 1.127. With the pullback after meeting strong resistance as analyzed last week, the pair is still entering a strong growth phase. The upside slide could revisit the two-year high around 1.146 and the deepest, most reliable support level next week is placed by investors around 1.090 to prevent the pair from sliding too sharply.
Resistance: 1.128-1.146
Support: 1.100-1.090
🕯Trading Signal
SELL EURUSD zone: 1.127-1.129 Stoploss 1.131
BUY EURUSD zone 1.100-1.098 Stoploss 1.096
ملاحظة
EUR/USD: Two-day uptrend pauses near 50% Fibo., looks to US NFP for fresh impetus
EUR/USD advanced for the second consecutive session, surpassing the 1.1100 hurdle and climbing to multi-day highs following the bearish tone in the US Dollar amidst steady prudence ahead of the release of US Nonfarm Payrolls on Friday.
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