#EURUSD Weak Dollar Strong Euro!
🔸In the last 2 weeks the EURUSD pair has risen by 2.4% mostly due to the weakening of the US Dollar after a disappointing US business data.
🔹Currently the pair is facing resistance at 1.1033 which is a somewhat significant price level. If this resistance caused the price to pullback, the 0.23 (1.0976), 0.38 (1.0875) and 0.5 fib level (1.0793) can act as a support to keep the bullish momentum helping the pair to move above the strong resistance at 1.1033, pushing the price to target 1.1091, 1.1134 and 1.1269.
🔸German economic sentiment slumped significantly in August 2024, marking the strongest decline in economic expectations over the past two years, The decline is attributed to high uncertainty from ambiguous monetary policy, disappointing US business data, and concerns over Middle East conflicts, leading to international stock market turmoil.
🔹With a possible strengthening of the Dollar or weakening of the Euro due to negative fundamentals the pair can fall back to the 200 MA (1.0840), from there if the price fell further below the 200 MA that would mean the end of the bullish momentum and the price would likely fall down to the 0.61 fib level (1.0712), 0.78 fib level (1.0596) and the support at 1.0533.
Zanzibar Trading
🔹Currently the pair is facing resistance at 1.1033 which is a somewhat significant price level. If this resistance caused the price to pullback, the 0.23 (1.0976), 0.38 (1.0875) and 0.5 fib level (1.0793) can act as a support to keep the bullish momentum helping the pair to move above the strong resistance at 1.1033, pushing the price to target 1.1091, 1.1134 and 1.1269.
🔸German economic sentiment slumped significantly in August 2024, marking the strongest decline in economic expectations over the past two years, The decline is attributed to high uncertainty from ambiguous monetary policy, disappointing US business data, and concerns over Middle East conflicts, leading to international stock market turmoil.
🔹With a possible strengthening of the Dollar or weakening of the Euro due to negative fundamentals the pair can fall back to the 200 MA (1.0840), from there if the price fell further below the 200 MA that would mean the end of the bullish momentum and the price would likely fall down to the 0.61 fib level (1.0712), 0.78 fib level (1.0596) and the support at 1.0533.
Zanzibar Trading
Note
It's Monday! The market is finally open. Let me know which scenario you think is more likely to play out
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