EUR/USD : FUNDAMENTAL ANALYSIS+PRICE ACTION & NEXT TARGET|LONG🔔

Eurozone Industrial Production for June is predicted to decrease 0.2% monthly and increase 10.4% annualized. Forex traders can compare this to Eurozone Industrial Production for May, which decreased 1.0% monthly and increased 20.5% annualized.

US Initial Jobless Claims for the week of August 7th are predicted at 375K, and US Continuing Claims for the week of July 31st are predicted at 2,880K. Forex traders can compare this to US Initial Jobless Claims for the week of July 31st, reported at 385K, and to US Continuing Claims for the week of July 24th, reported at 2,930K.

The US PPI for July is predicted to increase 0.6% monthly and 7.3% annualized. Forex traders can compare this to the US PPI for June, which increased 1.0% monthly and 7.3% annualized. The US Core PPI for July is predicted to increase 0.5% monthly and 5.6% annualized. Forex traders can compare this to the US Core PPI for June, which increased 1.0% monthly and 5.6% annualized.

The forecast for the EUR/USD turned bullish after bearish momentum started to decrease once reaching support. Traders may carefully consider buying the dip.

A positive Reversal formed in the Stochastic indicator, providing a final buy signal, with this technical indicator set to move out of extreme oversold territory.

Can bulls pressure the EUR/USD into its next horizontal resistance area?