EUR/USD Price Forecast: Trades near crucial level of 1.1550
The Euro (EUR) trades 0.15% higher at around 1.1550 against the US Dollar (USD) during the European trading session on Wednesday. The major currency pair gains as the US Dollar faces selling pressure ahead of a busy North American session.
The Euro (EUR) gained 0.15% against the US Dollar (USD) to exchange around 1.1550 during the European trading session on Wednesday. Analysts at Danske Bank have pointed out that the focus for the day will be on a potential SOH deal announcement, coupled with key US data releases such as ADP's weekly estimate of cooling employment growth and the July ISM Services index reading.
The US Dollar Index (DXY) has declined by 0.15% and is near 99.70. Fed policy communications, including speeches from Fed officials Schmid and Paulson, are also anticipated to impact market sentiment. EUR/USD is trading near the downward resistance trend line and above the 20-day exponential moving average (EMA) at 1.1462, indicating a bullish near-term outlook.
The RSI is at 63, signaling bullish momentum. Immediate support is at the 20-day EMA near 1.1462, with potential further decline towards the July 28 low of 1.1353 if the price breaks below this level. On the upside, EUR/USD could extend the advance towards 1.1600. USD bullishness is typically driven by strong employment figures, while EUR/USD may rally if the Eurozone hints at potential interest rate hikes.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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