EUR/USD continues on the downside
EUR/USD Chart Analysis for 23 August 2023
The EUR/USD currency pair is trading near a 7-week low on Wednesday, August 23, 2023, as investors continue to weigh the risks of a global recession. The euro is being pressured by concerns about the European Central Bank's (ECB) ability to control inflation, while the dollar is being supported by expectations of aggressive interest rate hikes from the Federal Reserve.
On the technical side, the EUR/USD pair is trading below the 200-day moving average, which is a bearish signal. The pair is also trading below the support level of 1.0835, which could trigger further declines.
Fundamental factors
The following are some of the fundamental factors that could influence the EUR/USD pair on Wednesday:
ECB meeting minutes: The ECB will release the minutes of its July meeting later today. The minutes are expected to provide insights into the ECB's thinking on inflation and monetary policy.
US GDP growth: The US will release its second-quarter GDP growth estimate on Thursday. A weaker-than-expected reading could weigh on the dollar.
US employment data: The US will release its non-farm payrolls report on Friday. A strong jobs report could boost the dollar.
Technical analysis
The following are some of the technical levels that traders are watching on the EUR/USD pair:
Support: 1.0835
Resistance: 1.0930
200-day moving average: 1.0905
Overall outlook
The EUR/USD pair is trading in a bearish trend and is likely to remain under pressure in the near term.
I hope this post is helpful.
This analysis represents only my personal thoughts and knowledge at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
The EUR/USD currency pair is trading near a 7-week low on Wednesday, August 23, 2023, as investors continue to weigh the risks of a global recession. The euro is being pressured by concerns about the European Central Bank's (ECB) ability to control inflation, while the dollar is being supported by expectations of aggressive interest rate hikes from the Federal Reserve.
On the technical side, the EUR/USD pair is trading below the 200-day moving average, which is a bearish signal. The pair is also trading below the support level of 1.0835, which could trigger further declines.
Fundamental factors
The following are some of the fundamental factors that could influence the EUR/USD pair on Wednesday:
ECB meeting minutes: The ECB will release the minutes of its July meeting later today. The minutes are expected to provide insights into the ECB's thinking on inflation and monetary policy.
US GDP growth: The US will release its second-quarter GDP growth estimate on Thursday. A weaker-than-expected reading could weigh on the dollar.
US employment data: The US will release its non-farm payrolls report on Friday. A strong jobs report could boost the dollar.
Technical analysis
The following are some of the technical levels that traders are watching on the EUR/USD pair:
Support: 1.0835
Resistance: 1.0930
200-day moving average: 1.0905
Overall outlook
The EUR/USD pair is trading in a bearish trend and is likely to remain under pressure in the near term.
I hope this post is helpful.
This analysis represents only my personal thoughts and knowledge at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
I hope this was helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
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