DailyBubble News
DailyBubble News

EUR/USD drifts into familiar midranges after Friday goes nowhere

The EUR/USD ended the trading week near familiar technical levels around 1.0700, with German data missing expectations and US PCE inflation meeting forecasts but failing to generate significant market movement. German Unemployment Change exceeded expectations, adding 19K consumers to unemployment figures in June. The US saw Core PCE Price Index inflation decrease to 2.6% year-on-year in May, but this was not enough to impact the Fed’s interest rate decisions.

Looking ahead, European inflation data and the US Nonfarm Payrolls report will be key events next week. The EUR/USD faced resistance at the 200-hour EMA at 1.0715 and struggled to break the 1.0700 level, indicating a potential downside break towards 1.0600. Daily candlesticks suggest a consolidation pattern with buyers showing signs of exhaustion.

The Euro is the currency for 20 European Union countries in the Eurozone and is the second most traded currency globally. The European Central Bank (ECB) in Frankfurt manages monetary policy and sets interest rates to maintain price stability. Eurozone inflation data, economic indicators, and the Trade Balance are important factors influencing the Euro’s value. Economic data from major Eurozone economies like Germany, France, Italy, and Spain are closely monitored for their impact on the Euro.

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