EUR/USD PRICE ANALYSIS: HOLDS ABOVE 1.1150, THE CONSTRUCTIVE OUTLOOK REMAINS INTACT
- EUR/USD strengthens near 1.1055 in Monday’s early European session.
- The pair maintains the positive view above the key 100-day EMA, but RSI indicator shows the neutral momentum.
- The first upside barrier emerges at 1.1185; the crucial support level is seen at 1.1000.
The EUR/USD pair trades with mild gains around 1.1055, snapping the three-day losing streak during the early European session on Monday. The dovish stance of the US Federal Reserve (Fed) undermines the Greenback and provides some support to EUR/USD.
Financial markets are now pricing in a nearly 70% odds of a 25 basis points (bps) rate cut by the Fed in September, while the chance of a 50 bps reduction stands at 30%, according to the CME FedWatch tool. The attention will shift to the US employment data on Friday for further insights about the potential rate cuts in September.
Technically, the bullish outlook of EUR/USD remains intact as the major pair holds above the key 100-day Exponential Moving Averages (EMA) on the daily timeframe. Nonetheless, further consolidation cannot be ruled out as the 14-day Relative Strength Index (RSI) hovers around the midline, suggesting the neutral momentum of the trend.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.