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Reading: EUR/USD: Scotiabank believes the overarching upward trend remains strong
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Gulf Press > Business > Forex > EUR/USD: Scotiabank believes the overarching upward trend remains strong
Forex

EUR/USD: Scotiabank believes the overarching upward trend remains strong

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Last updated: 2024/08/24 at 6:38 AM
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The EUR/USD is currently trading flat as investors await comments from Powell. The market has been consolidating gains made earlier in the week, hovering around the 1.11 mark. The ECB Governor Kazaks has expressed openness to a rate cut in September, sparking debate about the size and pace of easing going forward. Meanwhile, Governor Vujcic mentioned the possibility of gradual rate cuts if the inflation outlook remains stable. ECB inflation expectations have exceeded forecasted numbers, coming in at 2.8% and 2.4% for the 1-year and 3-year measures respectively.

Despite the overall upward trend of the EUR, short-term indicators are showing signs of being overbought, suggesting a potential for a consolidation phase. If the EUR/USD falls below the 1.1095/00 mark, it could trigger corrective movements leading to short-term losses in the low 1.10 range. Traders are keeping an eye on intraday price movements for clues on the direction of the pair, with weakness signaling a possible downturn in the near term.

In the current market environment, investors are closely monitoring any comments from Powell that could potentially impact the EUR/USD pair. The ECB’s openness to a rate cut in September has added to the uncertainty surrounding the Euro, leading to increased volatility in the currency pair. The debate around the size and pace of easing further adds to the market’s cautious sentiment, with traders adjusting their positions accordingly.

Technical analysis of the EUR/USD pair suggests that while the broader trend remains bullish, short-term indicators are showing signs of weakness. The overbought conditions could result in a period of consolidation, with the pair potentially testing lower levels in the near future. Traders are advised to pay close attention to key support levels, particularly the 1.1095/00 range, which could act as a catalyst for further downside in the short term.

Overall, the EUR/USD pair is in a period of consolidation as investors digest the latest comments from central bank officials. Powell’s remarks are expected to provide further clarity on the future direction of the USD, potentially impacting the EUR/USD pair. Traders are advised to closely monitor key support levels and intraday price movements for signals on the pair’s next move. The market remains cautious amidst uncertainties surrounding central bank policies, with potential for further volatility in the near term.

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News Room August 24, 2024
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