EUR/USD fell for the second consecutive session on Tuesday, completing to cancel the rise posted last Friday against the NFP report, and bringing the currency pair back to low. proximity of key supports.
Let us remember that yesterday’s day was tinged with risk aversion, in connection with worrying data to About the Chinese trade balance, with exports and imports showing decreases to; 2 digits for July.
The downgrading of the rating (or the outlook for the rating) of several American banks by Moody's yesterday also contributed to the downgrading of the ratings. the cold atmosphere on the markets, paradoxically benefiting the Dollar because of its safe haven status.
This Wednesday morning, China’s CPI inflation data came in better than expected. impact the forex, as well as the country’s PPI, which has he backed off more than expected. For the rest of the day, the economic calendar will contain few important statistics for the EUR/USD.
>> Find the list of all events. Important news for EUR/USD and real-time earnings in the Investing.com Economic Calendar!
The evolution of the Euro Dollar could therefore remain uncertain, especially since traders are waiting tomorrow for the key US inflation data for the month of July. Indeed, after last week's US employment data which confirmed the investors in their anticipation of a Fed pause, a higher-than-expected US CPI could cast doubt, lift the Dollar, and plunge EUR/USD.
Technical thresholds at; monitor on EUR/USD
From a graphical point of view, it will be noted that the fall of the EUR/USD yesterday stopped near the moving average 100 days, as it had been. the case last week.
1.0924, so this 100-day MA is first key support. which EUR/USD traders will need to consider. Below this threshold, the zone of 1.09, then the graphic support located at towards 1.0830 will be the next downside targets.
À the upside, 1.10 is the first hurdle, ahead of last week's high at 1.10. 1.1050, then 1.11, 1.12, and finally this year's peak at 1.1277.
EUR/USD remains hesitant on key support, expecting US inflation