(VIANEWS) – EUR/USD licks its wound at the lowest level in 13 weeks while making rounds to 1.0800 during the early hours of Monday’s Asian session. In doing so, the Euro pair justifies the cautious optimism of the policymakers at the Federal Reserve (Fed) and the European Central Bank (ECB), per the latest speeches at the Jackson Hole Symposium. Also challenging the major currency pair’s latest moves could be the anxiety ahead of this week’s top-tier Eurozone and the US inflation clues, as well as the monthly US employment report. It’s worth noting, however, that the comparatively downbeat economic outlook for the Eurozone weighs on the quote of late.
FXStreet reported on the fact that the downbeat prints of Germany’s IFO sentiment gauges joined unchanged estimations for the nation’s second quarter (Q2) of 2023 Gross Domestic Product (GDP) to portray economic weakness in the bloc.
EUR/USD (EURUSD) has been up by 1.87% for the last 21 sessions. At 15:49 EST on Monday, 28 August, EUR/USD (EURUSD) is $1.08.
Eur/usd technical analysis: important trading week ahead – 28 August 2023
I would rather consider buying the EUR/USD pair without risking from the 1.0720 and 1.0645 support levels respectively., Accordingly, the price of the euro currency pair against the US dollar EUR/USD moved towards the support level of 1.0765 at the end of last week’s trades, which is the lowest for the currency pair in more than two months and closed the week’s trades stable around the 1.0795 level.
Eur/usd forex signal: downward trend to go on for a while – 28 August 2023
The EUR/USD remained in a tight range after Jerome Powell insisted that the Fed was not done with its rate hikes. , The EUR/USD pair reacted mildly to the relatively hawkish statement by Jerome Powell, the Federal Reserve chair, at the Jackson Hole Symposium.
Eur/usd price analysis: pair retraces recent losses, plods above 1.0800
A break above that level could support the EUR/USD pair to explore the area around the 14-day EMA at 1.0874 level, followed by the 1.0900 psychological level., The 14-day Relative Strength Index (RSI) remains below 50, which suggests a bearish bias of the EUR/USD traders.
EUR/USD’s yearly highs and lows, it’s 13.449% up from its 52-week low and 4.017% down from its 52-week high.
Volatility
EUR/USD’s last week, last month’s, and last quarter’s current intraday variation average was a negative 0.15%, a negative 0.06%, and a positive 0.32%, respectively.
EUR/USD’s highest amplitude of average volatility was 0.35% (last week), 0.25% (last month), and 0.32% (last quarter), respectively.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, EUR/USD’s Forex is considered to be overbought (>=80).
Previous days news about EUR/USD (EURUSD)
- Eur/usd grinds near 1.0800 as ecb, fed policymakers defend hawkish moves, eyes on US inflation, NFP. According to FXStreet on Sunday, 27 August, “Looking forward, the preliminary inflation data for August from the Eurozone and Germany will be crucial for the EUR/USD pair traders to watch. “
- Eur/usd falls below the 200-day SMA at the end of the week. According to FXStreet on Saturday, 26 August, “In Friday’s session, the EUR/USD bears broke through the 200-day Simple Moving Average (SMA) of 1.0800, setting a 0.72% weekly loss, its fourth in a row. “, “Based on the daily chart, it is evident that EUR/USD leans toward a bearish outlook in the short term. “
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