This week, EUR/USD experienced a mixed performance, ultimately closing higher but failing to break through the key resistance level at 1.1200. The pair's upward momentum stalled as market expectations of a 0.25% rate cut by the Federal Reserve at its September 18th meeting were already largely priced in. However, support at 1.1065 managed to hold, preventing the pair from dropping to lower levels such as 1.1040 or 1.1008.
On the upside, bulls managed to push the pair to the weekly R1 level, but the bears maintained a strong defense at the 1.1150/54 resistance zone. Consequently, EUR/USD is expected to consolidate between these levels until new economic data or geopolitical developments provide a catalyst for a breakout.
Further support can be found below the monthly pivot at 1.0981, followed by the 1.0943/60 zone. If the pair can gather enough bullish momentum to surpass the 1.1150/54 resistance, it could potentially target 1.1185 - 1.1200 or even reach the 1.1231/39 zone, depending on the strength of the upward move.
As always, traders should keep an eye on key support and resistance levels and be prepared to adapt their strategies to changing market conditions and news events.
Weekly volatility (range) 89 pips
Option expiries for Monday: 1.1200 (EU2.53b), 1.1175 (EU1.68b), 1.1125 (EU1.4b) Source: financialjuice.com
Significant news - US CPI, ECB Rate decision, US PPI, US Initial Jobless Claims & University Michigan Sentiment.
Daily
Have a great weekend
On the upside, bulls managed to push the pair to the weekly R1 level, but the bears maintained a strong defense at the 1.1150/54 resistance zone. Consequently, EUR/USD is expected to consolidate between these levels until new economic data or geopolitical developments provide a catalyst for a breakout.
Further support can be found below the monthly pivot at 1.0981, followed by the 1.0943/60 zone. If the pair can gather enough bullish momentum to surpass the 1.1150/54 resistance, it could potentially target 1.1185 - 1.1200 or even reach the 1.1231/39 zone, depending on the strength of the upward move.
As always, traders should keep an eye on key support and resistance levels and be prepared to adapt their strategies to changing market conditions and news events.
Weekly volatility (range) 89 pips
Option expiries for Monday: 1.1200 (EU2.53b), 1.1175 (EU1.68b), 1.1125 (EU1.4b) Source: financialjuice.com
Significant news - US CPI, ECB Rate decision, US PPI, US Initial Jobless Claims & University Michigan Sentiment.
Daily
Have a great weekend
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