EUR/USD Forecast 21 Aug 19


The EUR/USD is currently pushing the upper limit of the consolidation region.

Looking at the EUR/USD hourly chart above, we see the currency pair testing the resistance of 1.11. It is evident that the price action is confined between 1.1070 to 1.11 channel for now.

A bullish breakout will likely make a move for the important sentiment and technical region of 1.112.

A bearish return will need to clearly breach 1.1070 before heading for a test of 1.10, an important sentiment and technical region too.

Economic Data To Come

We are currently seeing not much of a decisive price action in view of the absence of significant economic releases from both the US and the Euro Zone. Having said so, we will be expecting a number of them soon. These economic releases may trigger price action and hence it is important to monitor the releases closely.

While the Italian government collapsed on Tuesday with the resignation of the Prime Minster, we are currently not seeing any major risk aversion in the EUR/USD. It is crucial that we take note of further developments.

Up Ahead

USA FOMC Meeting Minutes
Monetary policy meeting minutes are given much attention by analysts and investors as it has an impact on the economy. The minutes will be analysed thoroughly for insights on the economic policy ahead.

Many will be particularly keen to see if the minutes offer any insights to the possibility and pacing of further interest rate cuts.

EUR French Flash Services PMI
EUR French Flash Manufacturing PMI
EUR German Flash Manufacturing PMI
EUR German Flash Services PMI
EUR Flash Manufacturing PMI
EUR Flash Services PMI
The Purchasing Managers’ Index is a survey of purchasing managers and is important as the sentiment of purchasing managers is a leading indicator of economic health. A healthy sentiment suggests that an economy is moving along well while a cautious sentiment may see less business activities due to prudence.

EUR ECB Monetary Policy Meeting Accounts
Monetary policy meeting minutes are given much attention by analysts and investors as it has an impact on the economy. The minutes will be analysed thoroughly for insights on the economic policy ahead.

USA Flash Manufacturing PMI
Purchasing Managers’ Index is a survey of purchasing managers and is important as the sentiment of purchasing managers is a leading indicator of economic health. A healthy sentiment suggests that an economy is moving along well while a cautious sentiment may see less business activities due to prudence.

USA Jackson Hole Symposium
This is an event attended by many significant figures in the world of finance such as finance ministers and central bankers. Speeches or interviews given may reveal important insights that result in price action.

USA Fed Chair Powell Speech
Monetary policy meeting minutes are given much attention by analysts and investors as it has an impact on the economy. The minutes will be analysed thoroughly for insights on the economic policy ahead.

There are many more events and hence it is important to follow an economic calendar. By doing so, you can reduce the possibility of an unexpected development affecting your trading plan.

Members can log in to their dashboards for an economic calendar.

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Traders should always practice proper money management and seek to understand the underlying tones for the market.

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