Euro Technical Outlook: EUR/USD Breakout Faces Its First Major Test
The July breakout is testing uptrend resistance into the start of the month with NFPs on tap. Battle lines drawn on the Euro technical charts.
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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.
Key EUR/USD Economic Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
Active Short-term Technical Charts
- Swiss Franc Short-term Outlook: USD/CHF Rally Presses Yearly Trend Resistance
- Canadian Dollar Short-term Outlook: USD/CAD Rebound Challenges the July Downtrend
- Australian Dollar Outlook: AUD/USD Rally Tests Make-or-Break Resistance
- Japanese Yen Short-term Outlook: USD/JPY Defends the Uptrend as the Range Tightens
- British Pound Short-term Outlook: GBP/USD Breakout Attempts Major Trend Reversal
- US Dollar Short-term Outlook: USD Uptrend Faces Make-or-Break Test After CPI
- Gold Price Short-term Outlook: XAU/USD Bulls Try to Carve Out a Low After 30% Drop
--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on Twitter @MBForex
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