EURUSD WEEK 20-25 AUGUST TECHNICAL & FUNDAMENTAL ANALYSIS
The recent selloff in EUR/USD appears to have stalled ahead of the June 2017-low (1.1119) as it snaps the series of lower highs & lows from earlier this month, and fresh developments in the Relative Strength Index (RSI) warn of a larger recovery in the exchange rate as the oscillator bounces back from oversold territory. According to Weekly candle shows that mid-term bullish, higher on sell & buy in deep(20-25 Aug)
EUR/USD pares the sharp decline from earlier this month even as U.S. President Donald Trump tweets that ‘money is pouring into our cherished DOLLAR like rarely before,’ but fresh comments from Federal Reserve officials may rattle the recent rebound in the exchange rate as the central bank appears to be on course to implement higher borrowing-costs over the coming months.
Broader outlook for EUR/USD remains tilted to the downside following the break of the June-low (1.1508), but the failed attempt to clear the 1.1290 region raises the risk for a larger rebound especially as the exchange rate carves a bullish sequence. Moreover, the RSI has snapped from oversold territory, but the oscillator may continue to exhibit a bearish behavior as it extends the downward trend carried over from the previous month. In turn, a break/close above the 1.1390 to 1.1400 region may spur a test of the former-support zone around 1.1510.
Keep in mind, recent price action in EUR/USD suggests a larger rebound in underway as the exchange rate carves a fresh series of higher highs & lows, while the Relative Strength Index (RSI) bounces back from oversold territory to flash a textbook buy-signal.
Chinese and U.S. negotiators are mapping out talks to try to end their trade standoff ahead of planned meetings between President Trump and Chinese leader Xi Jinping at multilateral summits in November, said officials in both nations.
The planning represents an effort on both sides to keep a deepening trade dispute—which already has involved tariffs on billions of dollars of goods and could target hundreds of billions of dollars more—from torpedoing the U.S.-China relationship and shaking global markets.
EUR/USD pares the sharp decline from earlier this month even as U.S. President Donald Trump tweets that ‘money is pouring into our cherished DOLLAR like rarely before,’ but fresh comments from Federal Reserve officials may rattle the recent rebound in the exchange rate as the central bank appears to be on course to implement higher borrowing-costs over the coming months.
Broader outlook for EUR/USD remains tilted to the downside following the break of the June-low (1.1508), but the failed attempt to clear the 1.1290 region raises the risk for a larger rebound especially as the exchange rate carves a bullish sequence. Moreover, the RSI has snapped from oversold territory, but the oscillator may continue to exhibit a bearish behavior as it extends the downward trend carried over from the previous month. In turn, a break/close above the 1.1390 to 1.1400 region may spur a test of the former-support zone around 1.1510.
Keep in mind, recent price action in EUR/USD suggests a larger rebound in underway as the exchange rate carves a fresh series of higher highs & lows, while the Relative Strength Index (RSI) bounces back from oversold territory to flash a textbook buy-signal.
Chinese and U.S. negotiators are mapping out talks to try to end their trade standoff ahead of planned meetings between President Trump and Chinese leader Xi Jinping at multilateral summits in November, said officials in both nations.
The planning represents an effort on both sides to keep a deepening trade dispute—which already has involved tariffs on billions of dollars of goods and could target hundreds of billions of dollars more—from torpedoing the U.S.-China relationship and shaking global markets.
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