Daily Price Outlook

The upward trend in EUR/USD persists, continuing to mark gains for the day, with the intraday bias favoring an upward trajectory. The current rise from 1.0634 is projected to retest the high of 1.1094.

EUR/USD Price Outlook: Bullish momentum fuelled by July's Fed rate hike limitations

The singular remaining option for a Fed interest rate hike by year's end, owing to underwhelming US CPI data, has enabled a steady bullish momentum for the EUR/USD pair.

Nearing the 1.1150 mark, the currency pair is exhibiting strong upward momentum as the market sentiment is buoyant and the US Dollar Index (DXY) braces for a dip.

With a noticeable decrease in annualized figures due to falling used car prices, both the headline and core inflation in the US for June recorded a modest increase of 0.2%.

The US Dollar Index (DXY) has experienced a sharp plunge to approximately 101.40, and it is expected to continue this downward trajectory.

As a countermeasure to persistent inflation, the European Central Bank (ECB) is anticipated to raise interest rates further. As stated by ECB President Christine Lagarde, additional rate hikes are crucial.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Techncial analysis

The EUR/USD pair continues to show a strong bullish tendency, steadily moving towards our predicted target at 1.1184. This upward trend is bolstered by a successful breach of the bullish channel's resistance as indicated on the chart, signifying the potential for sustained upward movement in the short and medium term.

Further ascents are anticipated, potentially touching 1.1275.

As a result, we foresee continued upward movement in the upcoming trading sessions, bolstered by the support of the EMA50. It's worth noting that a drop below 1.1075 could interrupt the projected rise and might cause a bearish correction before the bullish trend resumes.

The estimated trading range for today is likely between the support level of 1.1080 and the resistance level of 1.1235.

Overall, today's trend is expected to lean towards the bullish side.

Daily Price Outlook

• The EUR/USD pair maintains a persistent bullish bias, approaching the target at 1.1184.
• The breakthrough of the bullish channel's resistance supports the continuation of the upward trend.
• The EMA50 provides support for further upward movement.

The EUR/USD pair exhibits a persistent bullish bias, gradually approaching our anticipated target at 1.1184. This bullish momentum is further supported by the breakthrough of the resistance of the bullish channel depicted on the chart, indicating the likelihood of a continued upward trend in the short-term and medium-term. Further gains are expected, potentially reaching 1.1275.

Consequently, we anticipate further upward movement in the upcoming sessions, underpinned by the support provided by the EMA50. It is important to note that a break below 1.1075 would halt the expected rise and potentially lead to a bearish correction before resuming the bullish wave.

The projected trading range for today is expected to be between the support level at 1.1080 and the resistance level at 1.1235.

Overall, the trend for today is anticipated to be bullish.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.11155

Take Profit – 1.11806

Stop Loss – 1.10544

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$651/ -$611

Profit & Loss Per Micro Lot = +$65/ -$61

Daily Price Outlook

• The EUR/USD pair showed strong upward momentum, reaching the 1.1000 level and continuing with a positive tone today.
• The bullish trend remains intact, supported by a bullish channel on the chart and the EMA50.
• Holding above 1.0940 is important for sustaining the rise, while breaching the target level would extend the bullish wave toward 1.1184.

The EUR/USD pair displayed strong upward momentum yesterday, successfully reaching the 1.1000 level. Today, the pair continues with a positive tone, aiming to surpass this level and confirm the continuation of the prevailing bullish trend. The next significant target is set at 1.1075.

The bullish trend remains intact and well-defined within a bullish channel visible on the chart. The EMA50 provides additional support, further reinforcing the upward movement. Holding above 1.0940 is crucial to sustain the rise, and surpassing the target level would extend the bullish wave towards the 1.1184 area.

The expected trading range for today is between the support level at 1.0960 and the resistance level at 1.1105.

Overall, the outlook for today indicates a bullish trend in the EUR/USD pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Limit 1.09968

Take Profit – 1.10912

Stop Loss – 1.09554

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$944/ -$414

Profit & Loss Per Micro Lot = +$94/ -$41

Daily Price Outlook

During early trading in Asia on Tuesday, the EUR/USD bulls achieved a three-week high near 1.1015, extending their four-day winning streak. This move allowed them to surpass the key resistance line from the previous day and propel the Euro buyers towards another significant upward milestone.

The EUR/USD pair is currently finding support from the breakout of a two-month-old descending resistance line, which now acts as immediate support around 1.0980. The bullish signals from the MACD and the non-overbought RSI (14) line further support the optimistic sentiment.

However, the previous monthly high around 1.1015 provides encouragement to the EUR/USD bulls, particularly as traders await US inflation data and second-tier Eurozone sentiment figures. The bears would face challenges before gaining control, including an upward-sloping support line from March, which is currently near 1.0730.

The EUR/USD bulls approached the 1.1000 hurdle, marking the highest levels in over two weeks, during Tuesday's early Asian session. Despite hawkish comments from Federal Reserve (Fed) officials, the Euro-dollar pair benefited from the overall weakness in the US Dollar and a risk-taking sentiment, supported by a positive market outlook.

However, despite the recent hawkish statements, Fed officials have been unable to influence US inflation expectations, especially following the disappointing US jobs report released on Friday. While US Treasury bond yields declined, Wall Street closed on a positive note.

Nevertheless, the benchmark US 10-year Treasury bond yields experienced their first daily loss in July, while the two-year yields declined for the second consecutive day, reaching levels of approximately 4.00% and 4.86%, respectively.

Looking ahead, DXY traders will monitor risk factors before turning their attention to Wednesday's US inflation data for further guidance.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EUR/USD pair displayed strong upward momentum yesterday, successfully reaching the 1.1000 level. Today, the pair continues with a positive tone, aiming to surpass this level and confirm the continuation of the prevailing bullish trend. The next significant target is set at 1.1075.

The bullish trend remains intact and well-defined within a bullish channel visible on the chart. The EMA50 provides additional support, further reinforcing the upward movement. Holding above 1.0940 is crucial to sustain the rise, and surpassing the target level would extend the bullish wave towards the 1.1184 area.

The expected trading range for today is between the support level at 1.0960 and the resistance level at 1.1105.

Overall, the outlook for today indicates a bullish trend in the EUR/USD pair.

Daily Price Outlook

• EURUSD closed above 1.0940, indicating a shift towards an upward trend and potential bullish wave towards 1.1075.
• Breaking below 1.0940 could stop the bullish wave and result in a price decline.
• Today's trading range: support at 1.0900, resistance at 1.1050.

Last Friday, the EURUSD pair closed above the 1.0940 level, signaling a shift towards an upward trend and paving the way for a bullish wave on the intraday basis. The next target to watch is 1.1075, indicating further upside potential.

With the price moving above the EMA50, the overall bias remains bullish in the upcoming sessions. However, some sideways movement may occur due to stochastic negativity. It's important to wait for positive momentum to confirm the achievement of the expected target.

On the flip side, breaking below 1.0940 would halt the suggested bullish wave and potentially lead to a price decline.

For today's trading, the expected range is between 1.0900 support and 1.1050 resistance.

Overall, the trend for today is expected to be bullish.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.09722

Take Profit – 1.09312

Stop Loss – 1.09922

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$410/ -$200

Profit & Loss Per Micro Lot = +$41/ -$20

Daily Price Outlook

The EUR/USD is currently sitting at weekly highs above 1.0950, experiencing a calm start to what promises to be an eventful week. The USD/EUR exchange rate remains stable above 1.0950, close to Friday's eight-day high of 1.0975. The pair is holding onto its gains from the previous week.

The EUR/USD pair saw further recovery from near the 1.0830 level on Friday, following the erratic trading activity triggered by the US labor market report. Weak US payrolls data caused significant losses for the US Dollar, resulting in a substantial increase in the primary currency pair.

Non-farm payrolls for June came in at 209k, below the estimated 225k, indicating a cooling job market. May and April's NFPs were also revised downward, suggesting a slowdown in employment.

June's Average Hourly Earnings, a measure of wage inflation, showed 0.4% growth compared to a forecast of 0.3%, matching May's revised figure of 0.4%. The weaker US jobs data led investors to reconsider their expectations of a more aggressive stance by the Federal Reserve, resulting in the EUR/USD pair moving back towards 1.1000 at the expense of the US Dollar.

Following the anticipated 25 basis point rate hike by the US central bank this month, the market is currently pricing in a nearly 70% probability of a halt to Fed rate hikes in September.

The Euro's potential upside is temporarily constrained due to conflicting remarks made by ECB officials over the weekend. ECB Governing Council member Francois Villeroy de Galhau stated that Eurozone rates will soon reach their peak but it will be more of a low than a high.

On the other hand, ECB Governing Council member Mario Centeno expressed his anticipation of inflation in the Eurozone being below 3% by the end of 2023.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

Last Friday, the EURUSD pair closed above the 1.0940 level, signaling a shift towards an upward trend and paving the way for a bullish wave on the intraday basis. The next target to watch is 1.1075, indicating further upside potential.

With the price moving above the EMA50, the overall bias remains bullish in the upcoming sessions. However, some sideways movement may occur due to stochastic negativity. It's important to wait for positive momentum to confirm the achievement of the expected target.

On the flip side, breaking below 1.0940 would halt the suggested bullish wave and potentially lead to a price decline.

For today's trading, the expected range is between 1.0900 support and 1.1050 resistance.

Daily Price Outlook

• EURUSD pair shows bearish momentum, breaking intraday bullish trend line
• Initial target at 1.0745, closely monitor for potential further decline to 1.0630
• Breaching 1.0870 would invalidate bearish scenario, signaling potential resumption of bullish trend

The EURUSD pair kicked off the trading session today with a noticeable bearish tone, breaking the intraday bullish trend line and hinting at a potential slide throughout the day.

Our initial target for this downward move is around 1.0745, but keep a close eye on that level—it's a key point to watch. If the price manages to break below 1.0745, we might witness an extension of the bearish momentum, setting our sights on the 1.0630 area as the next major support level.

So, for today, we're leaning towards a bearish bias, and the fact that the price is trading below the EMA50 supports this view. However, it's worth noting that if we see a breakthrough above 1.0870, it could invalidate the negative scenario and potentially revive the main bullish trend.

In terms of the expected trading range, we anticipate it to fluctuate between the support level of 1.0730 and the resistance level of 1.0875.

All in all, the forecast for today's trend in the EURUSD pair points to a bearish outlook. So buckle up and let's see how the market unfolds!

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy Above 1.08380

Take Profit – 1.09134

Stop Loss – 1.07992

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$754/ -$388

Profit & Loss Per Micro Lot = +$75/ -$38

Daily Price Outlook

EUR/USD currency pair has managed to stop its previous downward rally and shown strength during the Asian session on Wednesday. However, the reason for its upward rally can be attributed to a more hawkish stance adopted by the European Central Bank (ECB).

In their recent statements, they expressed anticipations of raising interest rates at both the July and September meetings. Thus, this stance has provided support to the shared currency, resulting in a modest boost to the EUR/USD pair.

ECB Takes Cautious Stance, Plans Interest Rate Hikes Amid Lingering Inflation

As mentioned above, European Central Bank (ECB) officials showed a more cautious approach, indicating that they plan to increase interest rates in both July and September.

ECB President Lagarde mentioned that inflation has entered a new phase, and it may persist for a while. These remarks were seen as a key factor that has boosted the EUR/USD currency pair.

Fed Maintains Cautious Approach Amid Economic Uncertainties

Apart from ECB, Federal Reserve is being careful about their plans. They mentioned the possibility of increasing borrowing costs later this year, but they don't want to lower rates anytime soon. Their main concern is making sure inflation stays around 2% in the medium term.

Lately, some economic data in the US hasn't been very strong, like the PCE Price Index and ISM PMI. This has made people wonder if the Fed can keep raising interest rates. Investors are eagerly waiting for the release of the June FOMC meeting minutes to get an idea of what the Fed might do next.

Hence, the cautious outlook of the Federal Reserve will likely have an impact on the EUR/USD currency pair. If the Fed maintains a cautious stance and indicates a slower pace of interest rate increases, it may lead to a weakening of the US dollar. This could potentially strengthen the euro against the dollar, causing the EUR/USD currency pair to rise.

Market Focus on FOMC Minutes and Euro Zone Data

Looking forward, investors are waiting for the release of the June FOMC meeting minutes, as it will impact the near-term USD price and the EUR/USD pair. On the flip side, the final Services PMI and Producer Price Index (PPI) data are also important, but they may not strongly influence the currency pair's direction.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EURUSD pair kicked off the trading session today with a noticeable bearish tone, breaking the intraday bullish trend line and hinting at a potential slide throughout the day.

Our initial target for this downward move is around 1.0745, but keep a close eye on that level—it's a key point to watch. If the price manages to break below 1.0745, we might witness an extension of the bearish momentum, setting our sights on the 1.0630 area as the next major support level.

So, for today, we're leaning towards a bearish bias, and the fact that the price is trading below the EMA50 supports this view. However, it's worth noting that if we see a breakthrough above 1.0870, it could invalidate the negative scenario and potentially revive the main bullish trend.

In terms of the expected trading range, we anticipate it to fluctuate between the support level of 1.0730 and the resistance level of 1.0875.

All in all, the forecast for today's trend in the EURUSD pair points to a bearish outlook. So buckle up and let's see how the market unfolds!

Daily Price Outlook

• The EUR/USD pair is currently experiencing a calm negative trend, gradually approaching the 1.0860 level.
• A break below the neckline at 1.0840 is awaited to activate the negative effect of this pattern, potentially leading to a bearish move towards targets starting at 1.0795 and extending to 1.0730.
• The expected trading range for today is between the support level of 1.0800 and the resistance level of 1.0940.

The EUR/USD pair is currently exhibiting a subdued downtrend, gradually approaching the 1.0860 level. Notably, the price has recorded the third consecutive lower high, as depicted on the chart, indicating a potential triple top pattern.

To activate the negative impact of this pattern, a break below the neckline at 1.0840 is awaited, which could initiate a bearish move towards our projected targets starting at 1.0795 and extending to 1.0730.

Therefore, we maintain our suggestion of a bearish trend for the foreseeable future, supported by the downward pressure exerted by the EMA50 indicator.

It is important to note that a breach above 1.0940 would invalidate the aforementioned technical formation and potentially lead to a price recovery, with gains potentially reaching 1.1075 in the near term.

For today's trading, the expected range is anticipated to be between the support level of 1.0800 and the resistance level of 1.0940.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Sell Below 1.08879

Take Profit – 1.08402

Stop Loss – 1.09356

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$477/ -$477

Profit & Loss Per Micro Lot = +$47/ -$47

Daily Price Outlook

The EUR/USD pair remains in a neutral stance as it hovers around the 1.1011 level, while earlier on Wednesday in Europe, it faced downward pressure near the weekly low at 1.0880.

The lack of significant movement in the pair can be attributed to the cautious sentiment surrounding the release of the Federal Open Market Committee (FOMC) minutes for the June meeting and the Eurozone Producer Price Index (PPI) for May.

The sellers find support from the continued trading below the 50-day and 100-day Simple Moving Averages (SMA), along with bearish indications from the Moving Average Convergence Divergence (MACD) indicator.

Notably, the 50-day SMA is approaching a bearish cross and has crossed below the 100-day SMA, indicating the potential for further decline in the major currency pair.

The EUR/USD bears are eyeing the upward-sloping support line from May 31 near 1.0860, although the pair's decline may be limited unless it breaches the 1.0820 support level marked by the 200-day SMA.

However, short-term upside momentum is hindered by the convergence of the 50-day SMA and 100-day SMA, which currently align around 1.0910.

The Euro buyers will need to regain control and overcome the two-week-old downward-sloping resistance line, located around 1.0920, for a potential upward move.

As EUR/USD slides below 1.0900 ahead of the Eurozone PPI and FOMC minutes, concerns about a stronger US Dollar and weaker Euro prices contribute to the ongoing pressure.

It is important to monitor the market conditions and the risk-off sentiment as they may lead to further declines in the pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EUR/USD pair is currently exhibiting a subdued downtrend, gradually approaching the 1.0860 level. Notably, the price has recorded the third consecutive lower high, as depicted on the chart, indicating a potential triple top pattern.

To activate the negative impact of this pattern, a break below the neckline at 1.0840 is awaited, which could initiate a bearish move towards our projected targets starting at 1.0795 and extending to 1.0730.

Therefore, we maintain our suggestion of a bearish trend for the foreseeable future, supported by the downward pressure exerted by the EMA50 indicator.

It is important to note that a breach above 1.0940 would invalidate the aforementioned technical formation and potentially lead to a price recovery, with gains potentially reaching 1.1075 in the near term.

For today's trading, the expected range is anticipated to be between the support level of 1.0800 and the resistance level of 1.0940.