EUR/USD Price Forecast: Gathers strength above 1.1550, bullish outlook remains intact
The EUR/USD pair trades in positive territory near 1.1585 during the early European trading hours on Wednesday. The Euro (EUR) edges higher against the US Dollar (USD) as the German ZEW survey beat forecasts.
On Wednesday, the EUR/USD pair trades near 1.1585, gaining strength after the German ZEW survey surpassed expectations. The European Central Bank's (ECB) President Christine Lagarde is set to speak later in the day. Recent German ZEW survey figures indicate a significant improvement, with the Economic Sentiment at 34.2 and the Current Situation at -61.1 in August, both surpassing previous estimates.
Analysts believe the likelihood of an ECB rate hike remains high, with a 90% to 94% probability of a 25 basis points (bps) increase to 2.50% at the September 9 meeting. EUR/USD holds a bullish near-term outlook, staying above the 100-day moving average and Bollinger middle band. The pair faces resistance at the August 17 high of 1.1614 and the Bollinger upper band near 1.1650, while support can be found at the 100-day MA at 1.1570 and Bollinger middle band at 1.1505.
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