Eurusd Bullish After Q2 Gdp

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Eurusd Bullish After Q2 Gdp

Eur/Usd Bullish Above 1.1000

EUR/USD is bullish above 1.1000 and appears to be in the consolidation phase for now. It is important to note that teh EUR/USD has retraced from its 7-month tops on Thursday.

However, the EUR/USD pair is still above 1.1000, which makes it bullish for now. The Q2 GDP from the Eurozone was also in line with the forecasts, allowing the EUR/USD to increase.

Eur/Usd Faces Resistance At 1.1047

Beyond the 1.1000 handles, the next challenge that now awaits the EUR/USD is 1.1047. The 1.1047 level is the high of 2024 and thus is an important milestone to conquer. After that, the next level that could stop the EUR advance is 1.1139 (the peak from 2023.)

On the way down, the next possible target for the EUR sellers is 1.0837, where the 200 SMA is located. Below the 200 SMA, the next key support is 1.0777 and then 1.0666.

However, the bigger picture shows that the EUR/USD trend remains tilted towards the upward. This will only remain valid as long as EUR/USD trades above the 200 SMA.

If we look down at the H4 chart, we will see that EUR remains the dominant force against USD. The first resistance on the H4 chart is 1.1047, and then 1.1132. On the upside, the first hurdle is 1.0881, which is followed by 1.0864.

It is important to note that the 200 SMA on the H4 chart is present at 1.0864. This makes it an important level to watch and could serve as a solid support.

If we look at the central banks, the ECB is not making any noise, while the Federal Reserve is expected to share some insights at the September meeting.

Recently, Fed Bown, who is known for a hawkish stance, adopted a more moderate stance. According to experts, this is a sign that the Federal Reserve members are now actually thinking about rate cuts.

As of now, inflation in the USA is still above the 2.0% target, which continues to raise doubts on the prospects of rate cuts.

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