Euro Technical Outlook: EUR/USD Breakout Faces Its First Major Test

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Euro Technical Outlook: EUR/USD Multi-Timeframe Analysis

EUR/USD technical analysis shows the currency pair rebounding off multi-year support after five straight weeks of testing, back into resistance. Michael Boutros, FOREX.com Senior Market Analyst, breaks down the euro-dollar picture across the monthly, weekly, daily and four-hour charts and the macro calendar shaping it. With the Federal Reserve back in focus, Boutros looks at how Friday's nonfarm payrolls report and the ADP employment report feed the next rate decision, and why market-implied odds of a September rate hike have slid from around four in five toward a coin flip. Eurozone retail sales and the broader U.S. dollar trend round out a week where the data, not the chart, may steer the next move.

This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.

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Key EUR/USD Economic Data Releases

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--- Written by Michael Boutros, Senior Technical Strategist

Follow Michael on Twitter @MBForex

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