- In the short term, the pair could extend its sideways movement.
- The US economic figures should bring high action tomorrow.
- The FOMC Meeting Minutes are seen as a high-impact event.
The EUR/USD price ranges in the short term. The pair is wobbling at 1.0880 and seems undecided. So, we must wait for fresh trading opportunities before taking action again.
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Fundamentally, the US and Eurozone reported mixed data during the week. The currency pair changed little in the short term as the US banks were closed yesterday in observance of Independence Day.
Today, the Eurozone PPI reported a 1.9% drop versus the 1.7% drop estimated. Final Services PMI came in at 52.0 points, while German Final Services PMI remained steady at 54.1 points.
Later, the US is to release the Factory Orders indicator, which could register a 0.7% growth. Meanwhile, Wards Total Vehicle Sales could jump to 15.3M from 15.1M. At the same time, IBD/TIPP Economic Optimism is expected to be reported at 45.3 points versus 41.7 points in the previous reporting period.
Still, the most important event is represented by the FOMC Meeting Minutes. Furthermore, the ADP Non-Farm Employment Change, Unemployment Claims, ISM Services PMI, and JOLTS Job Openings are tomorrow. Positive US data should help the greenback to extend its appreciation.
EUR/USD Price Technical Analysis: Sideways Movement
The EUR/USD pair moves sideways after dropping below the uptrend line. The price retested the broken uptrend line. However, it has failed to make a new lower low. Hence, it could extend its sideways movement. It continues to challenge the median line (ml) of the descending pitchfork.
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The weekly pivot point of 1.0910 stands as a static resistance. Taking out this upside obstacle may activate further growth. On the other hand, a new lower low may result in a potential sell-off towards the weekly S1 (1.0840) and down to the lower median line (LML).
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