The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Today, Wednesday, EUR/USD is struggling to capitalize on a moderate rebound from the weekly low set the previous day but is not ready to decline. The pair remains above 1.1660 and is close to the highest level since May 14, reached last week. Traders are awaiting new signals from the Fed regarding interest rates.
Given the emerging signs of easing price pressures in the United States and weakness in the labor market, expectations that monetary policy will remain unchanged at the FOMC meeting on September 15–16 are becoming increasingly relevant. In contrast, three sources told Reuters that European Central Bank (ECB) officials are prepared to raise interest rates at the next meeting in September to counter the consequences of the conflict with Iran. Diverging Fed and ECB outlooks continue to provide some support for EUR/USD.
Meanwhile, the US Treasury's bond-buying strategy, combined with easing inflation concerns amid falling oil prices, is driving down US Treasury yields.
This, together with renewed hopes for a diplomatic resolution to the six-month conflict between the United States and Iran, is limiting gains in the US dollar. Therefore, any significant corrections in EUR/USD are likely to be limited by active buying.
Today, it would be preferable to wait for the release of the US Personal Consumption Expenditures (PCE) index to identify better trading opportunities. On Friday, attention should be paid to Fed Chair Kevin Warsh's speech at the Jackson Hole symposium. The Fed's monetary policy outlook will have a significant impact on short-term fluctuations in the US dollar. At the same time, favorable fundamental conditions are preventing traders from taking bearish positions in EUR/USD.
From a technical perspective, EUR/USD is holding above the 200-day simple moving average (SMA), favoring the bulls. Support is found near 1.1650. Resistance is provided by the area around the round-number level of 1.1700, including the monthly high, where a sustained upward move would open the way toward the next round-number level of 1.1800. At the same time, the oscillators are positive, confirming the bulls' advantage in the market, while the Relative Strength Index (RSI) is in overbought territory, indicating bullish consolidation. Therefore, the path of least resistance for the pair is to the upside.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
