EURUSD
OUTLOOK
The euro fell in the European market on Tuesday against the dollar, to resume its losses that stopped for two days, and is about to reach a five-week low again,
The European Central Bank has not decided on the decision to raise European interest rates during the next September meeting, pending more economic data in the euro area.
Investors are awaiting tomorrow, Wednesday, the release of data for the main industrial and service sectors in Europe during August, which is expected to provide a new pricing for the possibility of additional increases in European interest rates.
the price trade at the bearish channel and tried to break the resistance zone and couldn't
Currently, as long as price trade under resistance zone 1.0903 - 1.0949 and the chance of decline increase especially under 1.0838 then the price will try to reach at the bottom of the channel
additionally , considering that the DXY will try to touch 103.25 level so in this case the EURUSD drop and then need to correction and then continue at the bearish trend ,
as for bullish attempts , this depend on the news and The European Central Bank decision, to make all things work positively to get a positive momentum and break the channel and stable above resistance zone then the direction will be uptrend
the expect range trading for today is between 1.0903 and 1.0838
support line : 1.0838 , 1.0787
resistance line : 1.0903 , 1.0949
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
The euro fell in the European market on Tuesday against the dollar, to resume its losses that stopped for two days, and is about to reach a five-week low again,
The European Central Bank has not decided on the decision to raise European interest rates during the next September meeting, pending more economic data in the euro area.
Investors are awaiting tomorrow, Wednesday, the release of data for the main industrial and service sectors in Europe during August, which is expected to provide a new pricing for the possibility of additional increases in European interest rates.
the price trade at the bearish channel and tried to break the resistance zone and couldn't
Currently, as long as price trade under resistance zone 1.0903 - 1.0949 and the chance of decline increase especially under 1.0838 then the price will try to reach at the bottom of the channel
additionally , considering that the DXY will try to touch 103.25 level so in this case the EURUSD drop and then need to correction and then continue at the bearish trend ,
as for bullish attempts , this depend on the news and The European Central Bank decision, to make all things work positively to get a positive momentum and break the channel and stable above resistance zone then the direction will be uptrend
the expect range trading for today is between 1.0903 and 1.0838
support line : 1.0838 , 1.0787
resistance line : 1.0903 , 1.0949
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Update
as we expected as long as price trade under resistance zone 1.0903 - 1.0949 and the chance of decline increase especially under 1.0838 then the price will try to reach at the bottom of the channel and price near to reach 1.0787 and under that will reach 1.0742
support line : 1.0787 , 1.0742
resistance line :1.0903 , 1.0949