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EUR/USD: outlook for August 25 - September 1
EUR/USD kept trading near the benchmark line of 200-week MA (1.1760). The euro continued its consolidation and stayed within a narrower range.
ECB President Mario Draghi avoided giving any clues on the European Central Bank’s current thinking in his speech in Germany. According to Draghi, central banks must be open-minded on policy innovations as they prepare for future economic developments. Another speech at Jackson Hole on Friday evening will set the tone for the next trading days. Other comments from the ECB policymakers were hawkish and bullish for the euro.
European economic data were mostly bright. Euro zone business growth maintained solid pace in August due to a strong manufacturing PMI, although the region’s services PMI declined. German Ifo business climate surprised to the upside.
In the upcoming days, there will be some data releases of medium importance in the euro area. Pay attention to German preliminary CPI on Wednesday and flash consumer inflation figures for the entire euro zone on Thursday: these figures will be crucial for further ECB policy and, consequently, will move the market.
EUR/USD remains within the overall uptrend. Only a decline below 1.1650 will mean reversal to the downside. This level will become in focus if the euro slips below 1.1765 and 1.1690. An increase above 1.1845 is needed for the uptrend to continue. In this case, further bullish targets will lie at 1.1900 and 1.2000.
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The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...