- The Euro / USD forecast shows that the euro is stable in front of the European Central Bank meeting.
- Participants in the market expect ECB to keep interest rates unchanged.
- The European Union is approaching the Trade Agreement with the United States.
EUR / USD Forecast indicates that the euro remains stable in front of the European Central Bank meeting. Meanwhile, data on business activity from the main economies of the eurozone, they harmonized mainly with expectations. Participants in the market are also carefully observed by progress in trade talks between the United States and the European Union.
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On Thursday, the European Central Bank will hold a policy meeting. Participants in the market expect that the Central Bank will maintain its current interest rate policy. The ECB monetary campaign had a positive impact on the economy and inflation. Therefore, policy makers are not under pressure to reduce interest rates. However, traders appreciate another rating this year, probably in December.
Meanwhile, the result of data on business activities from France and Germany is largely expected. The German service sector continued the growing, supporting the case for a break in reducing feet.
Otherwise, reports have shown that the European Union approaches the Trade Agreement with the United States. The agreement would impose 15% of the reciprocal tariff on the goods from the eurozone. It would be half of the 30% Trump promised. It would therefore allow the economy to continue recovery.
EUR / USD Key events Today
- ECB Main Refinancing Rate
- ECB Monetary Policy Statement
- Unemployment Notices USA
- ECB Press Conference
- US FLASH MANUFACTURING PMI
- US Flash Services PMI
EUR / USD Technical forecast: Steep Rally near Resistance 1,1800
On the technical side, trade EUR / USD price above 30th, indicating that the bulls are in lead. At the same time, the RSI trades near the region with transmission, showing a solid coating momentum. The price recently broke above 1,1701 key resistance, which strengthened the bias of the bakery. The bulls are now watching the next obstacle at the level 1,1800.
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Initially, EUR / USD was trendy, trading under 30ths, with RSI under 50 years of age. However, this changed when the price reached the level of support from 1,1600. The bulls appeared with a solid swing, and the array that failed failed to continue lower. Instead, the price broke above SMA, indicating a change in feeling.
Given the solid bias, the price can soon reach the level of resilience at 1,1800. The top break will strengthen the bias of the bakery. However, the price could be withdrawn to reset SMA before it climbs more.
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