EUR/USD Daily Analysis: August 27, 2019
The Friday rally of the EUR/USD pair was a result of various events, which means that it is just not solely because of concerns in trade war. Soon after, this has changed as President Trump mentioned trade talks are still ongoing.
The common currency faces various risks and has had fluctuations amid the recent shift. Although, this may not be apparent compared to other currency pairs. Trump’s recent comments regarding a phone call between the two nations will likely have an impact on the session ahead.
German GDP data showed a drop by 0.1% in the second quarter as expected. The common currency was not affected after the release of data.
Another data from France came out, particularly the consumer confidence reaching an 18-month high. In the afternoon, data from the US is anticipated to be released.
The euro major pair was found to have a significant confluence of the support with both 50- and 20-MA on the 4-hour chart.
For now, the euro major pair is trying to recover from a sharp decline on Monday. It looks like the support level will be found at this level. Meanwhile, the initial resistance level is at 1.1118, which kept the pair lower on Friday.
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