EURUSD: ABCD IN DEVELOPMENT (TP1 ARCHIEVED!)

During the Asian sessionse, eurusd has consolidated before reaching our TARGET 1, but the dynamics remain constructive and the pair, at the time, is not in overbought. Now our focus will be on two key levels, which could help us to understand what could be the next movement. Follow us!

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Bình luận:

The expected move was perfect, the price reached our resistance, before triggering an interesting pullback. Yesterday, eurusd broke the bullish channel and at the time, the price remains above it. Keep an eye on the FOMC Meeting Minutes, released at 19:00 GMT + 1 on Wednesday 17th August, as they will influence the market sentiment and thestrength of the dollar. If this analysis will be attractive to many traders (at least 100 "I Like"), we will publish, before the announcement, an update with our technical levels. Trade with care!

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The minutes for the FOMC meeting, released yesterday, resulted in the dollar weakening across the board. The Fed’s objectives are to maintain price stability and maximise employment. Despite the robust growth in the job market in June and July, household spending and business investment remains weak.
Inflation is still below the Fed’s 2% target, due to the earlier drop in energy prices and lower prices for imported goods. Exports have declined as foreign demand subdued. The global economy has been subject to vulnerability and growth is still sluggish.
The Fed anticipates gradual rate hikes, yet the recent economic indicators have given mixed signals. Despite some FOMC voters concern that a long term low interest rate level may have an adverse effect on financial stability, the Fed takes a cautious stance on a rate hike by watching carefully the job market, inflation, and global economic growth.
The Fed anticipates the job market to strengthen further and the US economy to expand at a moderate pace over the next few years. However, the global economy and the corresponding measures are both uncertain at present, therefore, it is not impossible that rates be cut to zero in response to future large aftershocks.

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