EUR/USD lost ground last week, taking most of its losses on Thursday against the US dollar. ECB meeting less hawkish than expected, but some hints that a bullish reversal may be just around the corner forecast.
Recall that the ECB meeting has indeed given place as planned at; a 0.25% rate hike, but the central bank failed; to offer signals in favor of another rate hike for September, contrary to the which many anticipated.
Friday's slightly lower-than-expected PCE inflation data then provided justification for a rebound, confirming the prospect of a pause in the Fed's rate hike. The Euro Dollar therefore starts this new week just above 1.10, against a low at 1.10. 1.0943 last week.
When it comes to important events for EUR/USD this week, it will be noted that the economic calendar will remain very busy, with many key events in the calendar coming soon. ;economic.
>> Find in real time the result of all the important statistics for EUR/USD in the Investing.com economic calendar!
Monday, for example, will be the day for German retail sales, as well as the CPI and Eurozone GDP in the morning, ahead of the Chicago PMI this afternoon. noon in the United States. À About the rest of the week, the key events will be the ADP (EPA:ADP) private employment report. of Wednesday, and especially the NFP report on the creation of non-agricultural employment of Friday.
Technical thresholds at; watch on EUR/USD
From a graphical point of view, several arguments plead in favor of a rebound of the Euro Dollar. First, the currency pair was down. quickly able to regain the key threshold; 1.10 after a test last week.
Then , it is now possible to spot an uptrend line stretching from the June 31 low, and currently located around 1.0960, which is also support for the low. EUR/USD. Finally, if the currency pair falls below this trendline, the 100-day moving average will drop. 1.0906 will be the next potential support.
À On the upside, the 1.1090-1.11 area is the first concrete resistance, before 1.12, then this year's high near 1.1275.
EUR/USD sends positive signals ahead of a avalanche of critical events 1
