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EUR/USD Daily Forecast – Euro Tries To Rebound Ahead Of The Weekend

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·2-min read
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Euro Gains Some Ground Against U.S. Dollar

EUR/USD is currently trying to settle back above 1.1775 while the U.S. dollar is losing some ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to get back below 92.80. In case the U.S. Dollar Index settles below this level, it will move towards the next support at the 20 EMA near 92.60 which will be bullish for EUR/USD.

Today, foreign exchange market traders will have a chance to take a look at the final reading of Euro Area inflation reports for August. Analysts expect that Euro Area Inflation Rate increased by 3% year-over-year while Euro Area Core Inflation Rate grew by 1.6%.

In the U.S., traders will focus on Michigan Consumer Sentiment report which is expected to show that Consumer Sentiment improved from 70.3 in August to 72 in September.

Trading will likely remain nervous ahead of the Fed Interest Rate Decision which will be released on September 22 as traders try to guess whether Fed is ready to announce the reduction of its asset purchase program.

Technical Analysis

EUR/USD did not manage to settle below the support at 1.1750 and is trying to get back above 1.1775. In case this attempt is successful, EUR/USD will move towards the next resistance level which is located near the 20 EMA at 1.1800.

If EUR/USD manages to settle above the 20 EMA, it will gain additional upside momentum and head towards the next resistance level at the 50 EMA at 1.1815. A successful test of the resistance at 1.1815 will open the way to the test of the next resistance at 1.1830.

On the support side, the nearest support level for EUR/USD is located at 1.1750. In case EUR/USD manages to settle below the support at 1.1750, it will head towards the next support level which is located at 1.1720. A successful test of this level will open the way to the test of the next support at 1.1690.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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