In this lesson, we will learn about "Euro/USD Price Forecasting: Selling Pressure Still Below 100 Days MA". Let's get started
EUR/USD Price Forecast:
EUR/USD failed at 1.0900 handle for the third consecutive day.
100 day MA remains the key to momentum conversion.
Due to a lack of data, the EUR/USD is affected by overall sentiment and the US dollar index.
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Your Free Guide for the Remaining Time of the Third Quarter in the Eurozone
This afternoon's US data showed that the number of first time jobless claims decreased by only 11000, revised to 239000 last week. The Philadelphia manufacturing business outlook broke expectations after yesterday's positive retail sales data, but failed to stop the US dollar from declining. Significant improvements in overall activity, new orders, and shipments are all possible, which is the first time since May 2022. However, due to the large future Most indices have fallen, and expectations for the next six months are somewhat disappointing. There have been rare positive factors in the fight against inflation, as the company expects price increases to be lower than the previous quarter.With the passage of US trading days, as the US dollar rebounds significantly, risky assets falter, and any positive changes in market sentiment seem to have disappeared. The euro maintained a slight increase against the US dollar on the same day, but whenever the euro seems ready to rebound, the continuous shift in sentiment continues to provide some support for the US dollar.
As for DXY, it is still below the long-term downward trend line, which is the key to the weekend, and the Jackson Hole seminar will also open next week.