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The EURUSD has been trading trading sideways in past 24 hours. Anyway, there was the rejection of the support at the price of 1.1244. In my opinion, there is potential for the ABC down completion, which is sign that EUR may trade higher towards the resistance levels at 1.1272, 1.1284 and 1.1308. Industry news:
Fed Chairman Jerome Powell testified before Congress this week, telling lawmakers that the central bank is concerned about weak inflation and other uncertainties. The Fed is expected to cut rates by 25 basis points at its next policy meeting at the end of the month. Meanwhile, core inflation data rose in June, pointing to a moderate gain in retail prices.That follows data from Thursday that showed underlying consumer prices increased in June to an almost one-and-a-half year high. Still, signs of underlying inflation picking up have failed to diminish hope that the Fed will cut rates.
Technical view:
. On the H1 time-frame I found that there is bullr cross on the Stochastic and MACD, which represents short-term up momentum. The volume for today is light and there is not much going on. Anyway, rejection of the support at the price of 1.1244 is sign that buyers are still in control and that you should watch for buying opportunities with the first target at the price of 1.1272.
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