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Dollar forecast: Euro/USD rebounds before hitting June lows

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Hello everyone, today XM Forex will bring you "[XM Forex Market Analysis]: US dollar forecast: Euro/USD rebounds before hitting the June low." Hope it will be helpful to you! The original content is as follows:

U.S. dollar forecast: Euro/USD

Euro/USD rebounded before hitting the June low (1.1347), failing to continue a series of recent declines in highs and lows, but after the first closing price since February, the exchange rate may no longer follow the positive slope of the 50-day moving average (1.1574).

Dollar forecast: EUR/USD rebounds before hitting a June low

Remember that the EUR/USD fell to a new monthly low (1.1401) as the Fed kept interest rates unchanged, and the Fed does not appear to be in a hurry to relax its contraction policy further, as Chairman Jerome Powell stressed, “We have absolutely room to wait for more information to understand the potential direction of the economy before considering any adjustments to our policy stance.”

So, weaker expectations for the Fed's upcoming rate cuts could maintain the dollar's strength by the next meeting in September, while U.S. movements could continue to affect the euro/dollar as the non-farm employment report is expected to show further employment expansion.

U.S. Financial Calendar

The U.S. is expected to add 110,000 jobs in July, with an average hourly wage expected to increase from 3.7% in the same period to 3.8%. Evidence of a strong labor market may drag down the euro/dollar as it prompts the Federal Reserve to maintain higher interest rates for longer periods of time.

But a weaker than expected non-farm employment report could put resistance to the dollar as it puts pressure on the Fed to cut interest rates, and the euro/dollar could see more for the rest of the weekA big rise as the exchange rate stayed above the June low (1.1347).

To sum up, the EUR/USD may further regain the decline earlier this week as it no longer forms a bearish price action, but the rise in the exchange rate may be temporary as it closes below the 50-day moving average (1.1574) for the first time since February.

Euro/USD Chart – Daily Line

The chart is www.xm-forex.compiled by senior strategist David Song; Euro/USD on TradingView rebounded before hitting the June low (1.1347), thus holding above the 1.1390 (78.6% Fibonacci extension) to 1.1440 (61.8% Fibonacci extension) area, breaking through 1.1560 (100% Fibonacci extension) will bring the 1.1690 (78.6% Fibonacci extension) to 1.1750 (78.6% Fibonacci retracement) area to attract attention.

·Breakthroughs of the monthly high (1.1830) will look to the September 2021 high (1.1909), but EUR/USD

·If there is no momentum, it cannot stay above the 1.1390 (78/6% Fibonacci extension) to 1.1440 (61.8% Fibonacci extension) area, and may fall below the June low (1.1347), and the next area worth paying attention to is around 1.1260 (61.8% Fibonacci extension) to 1.1280 (61.8% Fibonacci retracement).

The above content is all about "[XM Forex Market Analysis]: US dollar forecast: Euro/USD rebounds before hitting the June low". It was carefully www.xm-forex.compiled and edited by the XM Forex editor. I hope it will be helpful to your trading! Thanks for the support!

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Dollar forecast: Euro/USD rebounds before hitting June lows

U.S. dollar forecast: Euro/USD

Dollar forecast: EUR/USD rebounds before hitting a June low

U.S. Financial Calendar

Euro/USD Chart – Daily Line

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Dollar forecast: Euro/USD rebounds before hitting June lows

U.S. dollar forecast: Euro/USD

Dollar forecast: EUR/USD rebounds before hitting a June low

U.S. Financial Calendar

Euro/USD Chart – Daily Line

Related News

The Most Awarded Broker
for a Reason