EUR/USD Rebounds in Sideways Area, Concludes Flat Trading Week
Updated
As forecasted, the EUR/USD pair rebounded within its sideways range on Friday, wrapping up a week of flat trading. Traders found little reason to push the pair meaningfully in either direction. The week saw German import prices and labor figures broadly missing expectations, while the US Personal Consumption Expenditure (PCE) Price Index inflation printed at forecast without sparking significant movement.
German Unemployment Change data showed a higher-than-expected increase, with 19,000 more consumers added to unemployment figures in June, exceeding the forecast of 15,000 but still below the previous month's 25,000. The German Unemployment Rate also edged higher to 6.0%, compared to the forecasted hold at 5.9%.
Our technical analysis remains bullish as long as the price stays within the upper side of the sideways rectangle. Currently, the price has rebounded from the 78.6% Fibonacci retracement level of the lowest major swing and has formed a triple bottom pattern. This suggests a potential continuation of the upward trend.
We will continue to monitor the economic conditions to determine future moves once the price approaches the upper boundary of the sideways range. For now, the technical indicators support a bullish outlook, anticipating further gains within the current trading range.
Initial Idea
✅ Please share your thoughts about EUR/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
German Unemployment Change data showed a higher-than-expected increase, with 19,000 more consumers added to unemployment figures in June, exceeding the forecast of 15,000 but still below the previous month's 25,000. The German Unemployment Rate also edged higher to 6.0%, compared to the forecasted hold at 5.9%.
Our technical analysis remains bullish as long as the price stays within the upper side of the sideways rectangle. Currently, the price has rebounded from the 78.6% Fibonacci retracement level of the lowest major swing and has formed a triple bottom pattern. This suggests a potential continuation of the upward trend.
We will continue to monitor the economic conditions to determine future moves once the price approaches the upper boundary of the sideways range. For now, the technical indicators support a bullish outlook, anticipating further gains within the current trading range.
Initial Idea
✅ Please share your thoughts about EUR/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Trade closed: target reached
🔥 DONE
✅ TELEGRAM CHANNEL: t.me/+VECQWxY0YXKRXLod
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: instagram.com/forexn1_com/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: instagram.com/forexn1_com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.