For Traders

Analytical Reviews

Review

20.07.202309:45 Forex Analysis & Reviews: EUR/USD: market awaits new driver

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

The EUR/USD pair unexpectedly got stuck in a tight range. Prior to that, the price gained strong upside momentum, and it seemed like the market had chosen a direction.

Data showed yesterday that the euro area inflation rate was 5.5% in June 2023, down from 6.1% a month earlier. Wheareas the core inflation rate inched up slightly to 5.5% from 5.3%.

Nevertheless, traders shrugged off this data, with the EUR/USD pair remaining almost unchanged.

Perhaps today's data on US weekly jobless claims will help the EUR/USD pair get out of the sideways range.

From a technical point of view, long-term consolidation in a tight range near highs signals a potential new surge toward the 1.1300 mark. At the same time, it may also indicate that the uptrend is nearing its end.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.