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EURUSD Forecast and Technical Analysis Aug 29th

EURUSD Forecast and Technical Analysis Aug 29th

Fundamental Overview: Dollar’s weakness triggered by Trump’s dissatisfaction with the Fed’s rate hike policy and Powell’s speech that was arguably sending a dovish message to markets. However, we do not see a big fundamentally supportive reasons  of a long euro position given the political instability in the eurozone and fragility of the economy. ( Latest Italy Bond Yields signalling a new crisis ) Today, US GDP will be released. Data will be the determining factor of this week’s pricing.

Technically: EURUSD is trading at 1.16880 as of writing. Break below will carry the price 1.16570 support. On the 4 Hours Chart, the pair well above EMA 50 and SMA 200. 1.17200 is the key resistance. Break above 1.17200 will lead the price 1.7500 and 1.17900 resistances. Gains beyond this last should indicate a more sustained EUR demand.”

We keep our Bearish insight and look for a selling opportunity if the price test 1.17900 – 1.18200 region.

 

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

EURUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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