Created
: 2024.08.26
2024.08.26 21:55
EUR/USD is consolidating just under 1.12, Friday's high and the highest for EURUSD since July 2023, which was retested briefly in overnight trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.
"Note that EZ/US 2Y spreads are also the narrowest since mid-2023, providing the essential support for the EUR. Germany's IFO Business Confidence eased to 86.6 this month, down from July but slightly better than forecast. Details reflected weakness across most sectors of the economy outside of services. The index is weak and backsliding but remains well above recessionary levels."
"Short-term trading patterns suggest the EUR may have peaked in overnight trade after forming a bearish "evening star" pattern on the 6-hour charts. Minor losses through quiet European trade tend to confirm that development. But losses are likely to remain limited in the short run at least."
"Trend dynamics remain bullish across short, medium and long-term DMI oscillators and that should limit EUR losses to the low/mid 1.11s. Key short-term support is 1.1100/10."
Created
: 2024.08.26
Last updated
: 2024.08.26
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy