EURUSD falls; Eurozone economic outlook due to be released【August 23, 2023】
Fundamental Analysis
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EURUSD Technical Analysis
Analysis of the daily chart of the Eurodollar shows that the dollar is buying more and the euro is weakening as a result. The economic outlook for the Eurozone is scheduled to be released today, and depending on the outcome, the market may move higher.
On the technical front, a rebound at the 72 moving average was confirmed, but after hitting the day’s highs, selling pressure has increased and the price has fallen below the price milestone. With this move, a decline to the 240 moving average is in view.
Day Trading Strategy (Hourly)
Analysis of the hourly chart of the Eurodollar shows a rebound due to profit-taking after yesterday’s sharp drop to the -3σ of the Bollinger band. The $1.085 level is functioning as an important milestone, and a return move may occur around this price.
A return move strategy would be a good strategy as the price is expected to return to the 10 moving average, which indicates a short-term trend. The entry price is set at $1.086 (10 moving average) and the target for settlement is $1.0815 (-2σ). Meanwhile, the stop loss should be set at $1.088 (the middle line of the Bollinger band).
Support and Resistance Lines
The resistance line to be considered in the future is as follows
1.085 USD – Major milestone price
Market Sentiment
EURUSD Sell: 20% Buy: 80%
Today’s Important Economic Indicators
Economic Indicators and EventsJST (Japan Standard Time)NZ Retail Sales7:45Japan Manufacturing Purchasing Managers’ Index9:30EU Economic Outlook19:00U.S. Building Permits21:00Canada Retail Sales21:30
*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.
Risk Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
