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Asset Watch

EUR/USD price may correct higher

Wednesday, August 30, 2023

EUR/USD Price News and Analysis

• The EUR/USD price awaits key data releases
• The EUR/USD U-turns and points higher, key levels to watch

 

Markets await the German CPI data of August today at 16:00 UAE time, and the European inflation data is also scheduled to be released this week, with expectations that the headline CPI to stabilized at 5.3%.

The European bonds stayed higher on the Spanish CPI acceleration from 2.3% in July to 2.6% in August and the German CPI data is expected to settle at 6% supporting a hawkish case for the ECB and increasing that odds for a possible 25bps rate hike in the ECB September meeting taking the deposit facility from 3.75% to 4.00% particularly following president Lagarde’s statements in the Jackson Hole symposium that emphasized that the priority is to push the European inflation levels back to their 2% target.

The market anticipates a set of crucial data releases for the US dollar starting with the US GDP (Q2) with expectations pointing to a 2.4% growth. Thus, any lower-than-expected read could generate a downward pressure on the greenback. However, investors will be Lazer focused on the US NFP report of August due on Friday with expectations that the economy could add 170K jobs, and the average hourly wages to fall from 0.4% in July to 0.3% in August.

EUR/USD Price Daily Chart

 

Chart source ADSS Platform

 

On August 25, the EUR/USD declined to a multi-week low at 1.0766 then the pair rallied after on taking profits operations. Currently, the price has moved to the trading zone between 1.0873 – 1.1020 and may be on the way to test the high end of that zone. Nonetheless, the resistance levels located at 1.0926 and 1.0996 should be watched along the way. A daily close above the high end could encourage traders to rally the price even higher towards 1.1176.

On the other hand, a daily close below the low end of the trading zone signals an insufficient momentum to correct higher therefore, the price may revisit 1.0730. In that scenario, the support levels on the bullish trendline originating from the March 15 low at 1.0516 and the support levels located at 1.08731 and 1.0760 should be kept in focus.


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