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August 15, 2019 02:30 am

EUR/USD Daily Analysis: August 15, 2019

Fed member Bullard’s view of reducing interest rates once again this year remains despite the volatility this week. 

Investors’ concern rises as the yield curve shows inversion and pressure continues in the equity markets. The markets anticipate the Federal Reserve to take action and ease rates as the inversion outcome hints a possible recession. Yet, Bullard remains firm, shrugging off the market demand. This shows that the Fed would not react in every news about the US-Sino trade war. 

Although volatility has been apparent in various assets, the euro major pair isn’t exactly one of them as it continues to fluctuate on its average range. 

Yesterday’s range kept a bearish tone but the expected data to come out more than the technical aspect that pushes the pair. The US retail sales, as well as Philly Fed manufacturing index and unemployment claims, will be released today. 

The EUR/USD pair moved lower because of a strong dollar and broke the confluence of support. 

The indicator limits the downward range of the pair that has been going on since early last week and now it is broken. This looks like an obstacle on the upside. At the same time, a horizontal level was seen close to the moving average of 1.1155 that prompted a confluence at the resistance. 

Below, the major support level is at 1.1118, which keeps the pair higher than April and May. Moreover, this keeps the pair higher in latter July on the 4-hour chart. 

The pair seems to be testing the lower limit of the descending trend channel, although it may be too early to decide whether it will sustain the downward trend. 

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