EUR/USD Daily chart – Analysis Made By REVOLVER™ and ISOTRIUMPH™ Indicators.
EUR/USD Displays Resilience Amidst Fluctuations: Eyes on Upcoming Inflation Data
In a display of resiliency, EUR/USD experienced a second consecutive day of losses on Tuesday, only to orchestrate a swift rebound early on Wednesday. The pair’s current technical landscape paints a picture of sellers grappling to maintain their grip, indicating a tug-of-war between opposing forces. With a dearth of impactful data releases, the ebb and flow of risk sentiment looms as a determinant of EUR/USD’s trajectory, especially with Thursday’s pivotal release of July’s US inflation data on the horizon.
Tuesday saw the US Dollar (USD) basking in the glow of risk aversion, allowing it to assert dominance over its counterparts. However, the narrative took a turn during the American trading session as Philadelphia Federal Reserve Bank President Patrick Harker’s dovish remarks entered the scene. Harker’s assertion that the Fed might have reached a juncture where patience in holding rates steady is viable and even hinted at potential rate cuts in the coming year. This dovish rhetoric acted as a catalyst, prompting EUR/USD to counter the USD’s advance and carve out a rebound.
The early hours of Wednesday ushered in a positive shift in the market’s disposition, complicating the USD’s pursuit of demand. Noteworthy is the Euro Stoxx 50 Index’s exuberant climb of over 1%, marked by a bullish opening, while US stock index futures mirrored this upbeat sentiment, trading firmly in positive terrain.
Should the momentum of risk-on sentiment persist as the day unfolds, EUR/USD could further extend its recovery trajectory. Yet, the market participants appear to exercise caution, treading lightly and avoiding substantial positions, all in anticipation of Thursday’s release of the US Consumer Price Index.
In sum, EUR/USD’s journey through recent fluctuations underscores its ability to withstand turbulence. As the spotlight shifts to the looming inflation data, market dynamics are poised to shift once more, potentially guiding the course for the pair in the days ahead.
EUR/USD M30 Forex chart – Analysis Made By REVOLVER™ and ISOTRIUMPH™ Indicators.
TurnAround Point : 1.0950
Our preference
Long positions above 1.0950 with targets at 1.1000 & 1.1015 in extension.
The information and publications are not meant to be and do not constitute financial, investment, trading, or other types of advice or recommendations supplied or endorsed by FOREXN1.
🏆 ISOTRIUMPH 🏆
ISOTRIUMPH is an innovative Machine-Learning Indicator that boasts unbeatable performance! Specifically designed for TradingView to provide the best possible results in the market.
This is a Top-performing scalping indicator.
🔻 REVOLVER 🔺
REVOLVER is a unique and revolutionary Reversal Indicator designed to pinpoint the best turning point in the market and ride the trend until the very end.
- STATE.OF.ART TOOL FOR YOUR SUCCESS -
⚡️ ISOFOREX ⚡️
ISOFOREX is a MT4 and Tradingview chart indicator used to identify potential reversal signals in a financial markets.
Laser-Accurate trend indicator
Need HELP? Chat with our support or leave a message in the “contact us” section.
DISCLAIMER:
All material from forexn1.com is for educational purposes only. Trading foreign exchange carries a high level of risk and may not be suitable for all investors/traders. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Forexn1.com takes no responsibility for loss incurred as a result of our trading analysis\ideas\ insights. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a decision to follow\copy our trading course\analysis\ideas\insights on your own account. We have no knowledge of the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our analysis\ ideas\ insights or advice on forex related products on this website.