Daily Price Outlook

The EUR/USD pair experienced a slight decline, reaching a low of 1.1173, but ultimately finished the day just below the 1.1200 level. The Euro managed to hold above 1.1200 for most of the morning, partly supported by European statistics.

The Eurozone's Harmonized Index of Consumer Prices (HICP) for June showed a year-on-year increase of 5.5%, in line with expectations. However, annual inflation in the European Union decreased from 7.1% in May to 6.4% in June.

Despite less-than-promising macroeconomic data from the US, financial markets maintained a sense of optimism during the American session. Building permits in June declined by 3.7%, while housing starts dropped by 8%.

The EUR/USD pair continued its pullback from the 1.1280 resistance level, reflecting the uncertain divergence between the European Central Bank (ECB) and the Federal Reserve (Fed).

Prior to Wednesday's European trading session, the pair traded around 1.1220, retracing from its highest level since February 2022. This movement in the Euro-dollar pair provides insights into the US Dollar's corrective bounce and the ECB's concerns amid volatile trading conditions.

According to Bloomberg, ECB officials are facing challenges in predicting the central bank's future actions. The report emphasizes the difficulty of explaining the July rate hike, with policymakers expressing different perspectives.

Unnamed officials cited by Bloomberg News state that the task is to avoid signaling either another rate hike or a pause.

The final readings of June's Eurozone inflation statistics and US housing market indicators, along with other risk factors, are likely to capture the attention of Euro traders.

EUR/USD - Technical analysis

The EUR/USD pair experienced negative trading yesterday and made an attempt to break the 1.1200 level. However, it later rebounded and remained above this level after finding support near 1.1170.

This keeps our bullish view intact, with further upward movement expected towards our next target at 1.1418.

The EMA50 indicator continues to provide support for the suggested bullish trend. To strengthen the positive outlook, a breakout above 1.1245 is necessary.

It is important to note that a break below 1.1200, followed by 1.1170, could exert corrective bearish pressure on the price, with initial targets around the 1.1105 area.

For today's trading, the expected range is between the support level at 1.1170 and the resistance level at 1.1310.

Daily Price Outlook

The EUR/USD pair experienced negative trading yesterday and made an attempt to break the 1.1200 level. However, it later rebounded and remained above this level after finding support near 1.1170.

This keeps our bullish view intact, with further upward movement expected towards our next target at 1.1418.

The EMA50 indicator continues to provide support for the suggested bullish trend. To strengthen the positive outlook, a breakout above 1.1245 is necessary.

It is important to note that a break below 1.1200, followed by 1.1170, could exert corrective bearish pressure on the price, with initial targets around the 1.1105 area.

For today's trading, the expected range is between the support level at 1.1170 and the resistance level at 1.1310.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.12477

Take Profit – 1.10933

Stop Loss – 1.13392

Risk to Reward – 1: 1.16

Profit & Loss Per Standard Lot = +$154/ -$91

Profit & Loss Per Micro Lot= +$15/ -$9

Daily Price Outlook

The upward momentum in EUR/USD continues, with the intraday bias favoring further gains. The ongoing rise from 1.0634 is expected to lead to a retest of the 1.1094 high. A decisive breakout above this level would signal the continuation of the larger upward trend from 0.9534 to 1.1273, based on Fibonacci levels.

EUR/USD experiences a pullback from the 1.1280 resistance as the divergence between the European Central Bank (ECB) and the Federal Reserve (Fed) becomes uncertain. Prior to Wednesday's European trading session, the currency pair declined from its recent peak, settling around 1.1220.

This decline can be attributed to both a corrective bounce in the US Dollar and concerns surrounding the ECB's actions amid volatile market conditions.

Bloomberg reports that ECB officials are facing difficulties in forecasting the central bank's future actions, particularly in explaining the rate hike in July.

Policymakers hold different perspectives, and striking the right balance between signaling further hikes and signaling a pause proves to be a challenge.

In contrast, a recent Reuters poll suggests that the anticipated 25 basis point rate hike by the Fed in July will likely be the final one in the current tightening cycle. However, positive June results from the US Retail Sales Control Group indicate the possibility of further interest rate increases by the Fed.

The US Dollar Index (DXY), which had previously recovered from a 15-month low near 99.55, has seen a modest increase to around 100.05, supported by these expectations.

Eurozone inflation data for June and US housing market indicators for the same month, along with other risk factors, may influence Euro traders in the near term.

EUR/USD - Technical analysis

The EUR/USD pair is currently consolidating within a sideways pattern, as depicted on the chart. It is noteworthy that the stochastic indicator is displaying positive momentum and entering the positive zone, potentially signaling a resumption of the bullish trend. Our primary target for the upward movement remains at 1.1418.

Consequently, our outlook for the immediate future continues to favor a bullish trend. Nevertheless, it is essential to remain mindful that a breach below the 1.1200 level may trigger a corrective bearish phase, with initial targets at 1.1170 and further extending to 1.1105, before any subsequent attempt to rally.

The anticipated trading range for today is projected to lie between the support level at 1.1170 and the resistance level at 1.1310.

Daily Price Outlook

The EUR/USD pair is currently consolidating within a sideways pattern, as depicted on the chart. It is noteworthy that the stochastic indicator is displaying positive momentum and entering the positive zone, potentially signaling a resumption of the bullish trend. Our primary target for the upward movement remains at 1.1418.

Consequently, our outlook for the immediate future continues to favor a bullish trend. Nevertheless, it is essential to remain mindful that a breach below the 1.1200 level may trigger a corrective bearish phase, with initial targets at 1.1170 and further extending to 1.1105, before any subsequent attempt to rally.

The anticipated trading range for today is projected to lie between the support level at 1.1170 and the resistance level at 1.1310.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.12477

Take Profit – 1.10933

Stop Loss – 1.13392

Risk to Reward – 1: 1.16

Profit & Loss Per Standard Lot = +$154/ -$91

Profit & Loss Per Micro Lot= +$15/ -$9

Daily Price Outlook

The EUR/USD pair kicks off the day with positive momentum, signaling renewed efforts to break through the resistance of the current sideways range visible on the chart. This development reinforces expectations of a continued bullish trend in the upcoming sessions, with the next target set at 1.1275.

Sustaining levels above 1.1200 holds significant importance for the continuation of the suggested bullish wave. As the rise is anticipated to persist, additional positive targets are within reach, with the potential to surpass the aforementioned level and target 1.1418.

Traders should monitor the expected trading range for today, which is projected to span between the support level of 1.1170 and the resistance level of 1.1330.

In summary, the EUR/USD pair shows promising signs for a bullish breakout as it sets its sights on a key resistance level.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.12086

Take Profit – 1.13650

Stop Loss – 1.10903

Risk to Reward – 1:1.3

Profit & Loss Per Standard Lot = +$156/ -$118

Profit & Loss Per Micro Lot= +$15/ -$11

  The EUR/USD continues to advance today, maintaining its upward bias. The ongoing rise from 1.0634 aims to retest the high at 1.1094. A decisive breakthrough at that level would signal a resumption of the larger upward trend from the Fibonacci level of 0.9534 to 1.1273.

  During Tuesday's Asian session, for the third consecutive day, the EUR/USD bulls traded near their highest levels since February 2022. The pair is supported by the European Central Bank's (ECB) confident stance and the weakening of the US Dollar.

However, cautious sentiment prevails ahead of the crucial US Retail Sales report for June and amidst a mixed market environment, which enables buyers of the major currency pair.

  Botjan Vasle, an ECB official, expressed support for tightening policy at the next ECB meeting, emphasizing stable and robust core inflation. Meanwhile, Wall Street recorded modest gains while US Treasury bond yields remained under pressure.

The upcoming US Retail Sales report for June, expected to show an increase to 0.5% from 0.3% in May, will play a critical role in breaking the current upward block. Additionally, the ECB meetings and the anticipated decline in US industrial production for June, from 0.2% to 0.1%, will also be significant factors to monitor.

EUR/USD - Trade Idea

The EUR/USD pair kicks off the day with positive momentum, signaling renewed efforts to break through the resistance of the current sideways range visible on the chart. This development reinforces expectations of a continued bullish trend in the upcoming sessions, with the next target set at 1.1275.

Sustaining levels above 1.1200 holds significant importance for the continuation of the suggested bullish wave. As the rise is anticipated to persist, additional positive targets are within reach, with the potential to surpass the aforementioned level and target 1.1418.

Traders should monitor the expected trading range for today, which is projected to span between the support level of 1.1170 and the resistance level of 1.1330.

In summary, the EUR/USD pair shows promising signs for a bullish breakout as it sets its sights on a key resistance level.

Daily Price Outlook

The EUR/USD continues to experience upward momentum, with the intraday bias remaining positive. The ongoing rise from 1.0634 is expected to lead to a retest of the 1.1094 high.

As the focus shifts to US Retail Sales data, the EUR/USD has exhibited volatile trading above the key resistance level of 1.1200. Market participants are eagerly awaiting the release of US Retail Sales figures for June, which has resulted in sideways movement for the currency pair.

Caution among investors is reflected in the losses seen in S&P500 futures during the Tokyo session, as the second-quarter earnings season begins. Concerns over the Federal Reserve's more aggressive policy tightening and strict credit standards in the retail banking sector have weighed on US stocks. This has led to speculation that corporate earnings may remain volatile in the coming period.

With Eurozone inflation at record highs, the European Central Bank (ECB) is expected to conclude its rate-hiking cycle after July. The Euro has gained significant strength, particularly as core inflation, excluding volatile food and oil prices, stands at 5.4%, surpassing the ECB's target of 2%.

However, economists at Nordea suggest that the ECB still sees a need for caution and tightening measures. While another rate hike in July seems likely, it is expected to be the final one in the current cycle.

EUR/USD - Technical analysis

The EUR/USD pair is currently trading in a sideways manner within a tight range, as indicated on the chart. It is noteworthy that the stochastic indicator is showing signs of improvement, hinting at a potential shift towards positive momentum.

This positive momentum could potentially support the continuation of the main bullish trend, with the next target set at 1.1275.

Hence, our previously optimistic outlook remains intact and valid for the near future, with the support of the EMA50. It should be noted that surpassing the targeted level may extend the bullish wave towards 1.1418.

However, if the price breaks below 1.1200, a temporary intraday bearish correction may occur before the upward movement resumes.

Daily Price Outlook

The EUR/USD pair is currently trading in a sideways manner within a tight range, as indicated on the chart. It is noteworthy that the stochastic indicator is showing signs of improvement, hinting at a potential shift towards positive momentum.

This positive momentum could potentially support the continuation of the main bullish trend, with the next target set at 1.1275.

Hence, our previously optimistic outlook remains intact and valid for the near future, with the support of the EMA50. It should be noted that surpassing the targeted level may extend the bullish wave towards 1.1418.

However, if the price breaks below 1.1200, a temporary intraday bearish correction may occur before the upward movement resumes.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.12632

Take Profit – 1.11016

Stop Loss – 1.13322

Risk to Reward – 1: 2.3

Profit & Loss Per Standard Lot = +$1616/ -$690

Profit & Loss Per Micro Lot= +$161/ -$69