Technical and fundamental overview of EURUSD
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The EUR/USD pair hovered around the 1.0850 mark for the second straight day on Tuesday, with the US Dollar edging higher amid worsening market sentiment. However, the pair still refuses to leave its comfort zone as data and policymakers' words are not enough to convince speculative interest.
The United States (US) macroeconomic calendar has nothing to offer other than another series of speakers from the Federal Reserve (Fed), repeating famous messages. If anything, market participants took clues from stocks, with Asian and European markets closing in the red but US indexes posting modest gains.
On Wednesday, the focus will be on the Federal Open Market Committee (FOMC) and the latest central bank meeting minutes. Investors will be looking for clear signs of the timing of a potential interest rate cut.
The strategy of buying when prices fall for GBPUSD continues to be promoted by Conan, because the technical outlook of EMA 34.89 after the previous reversal is positive. It is expected that if the upward momentum continues, potential support levels are held by the bulls at 1.0845 and 1.0810 for accumulation before targeting growth at local highs including 1.09450 and 1, 0979 as a target at least as the overall outlook after this breakout is very strong for medium to long-term buyers.
The EUR/USD pair hovered around the 1.0850 mark for the second straight day on Tuesday, with the US Dollar edging higher amid worsening market sentiment. However, the pair still refuses to leave its comfort zone as data and policymakers' words are not enough to convince speculative interest.
The United States (US) macroeconomic calendar has nothing to offer other than another series of speakers from the Federal Reserve (Fed), repeating famous messages. If anything, market participants took clues from stocks, with Asian and European markets closing in the red but US indexes posting modest gains.
On Wednesday, the focus will be on the Federal Open Market Committee (FOMC) and the latest central bank meeting minutes. Investors will be looking for clear signs of the timing of a potential interest rate cut.
The strategy of buying when prices fall for GBPUSD continues to be promoted by Conan, because the technical outlook of EMA 34.89 after the previous reversal is positive. It is expected that if the upward momentum continues, potential support levels are held by the bulls at 1.0845 and 1.0810 for accumulation before targeting growth at local highs including 1.09450 and 1, 0979 as a target at least as the overall outlook after this breakout is very strong for medium to long-term buyers.
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