Fundamental Analysis of EUR/USD for August 6, 2018
EUR/USD has been quite impulsive with the bearish gains earlier which lead the price towards 1.15 support area from where certain bullish intervention is expected in the process. After the mixed NFP report, USD did get some space against the EURO but it does not define a strong trend to follow in the coming days.
Today EURO German Factory Orders report was published with a negative value of -4.0% from the previous value of 2.6% which was expected to be at -0.3% but Sentix Investor Confidence was increased to 14.7 from the previous figure of 12.1 which was expected to be at 12.8.
On the other hand, today there is no USD economic report or event to impact the USD gains in the process but this week on Thursday, PPI report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3% and on Friday CPI report is going to be published which is expected to increase to 0.2% from the previous value of 0.1%.
As of the current scenario, EUR has been quite mixed with the recent economic reports which lead USD to continue its momentum even today despite any news. Though a certain number of economic reports are yet to be published on both currencies of the pair, EUR is looking quite weak against USD in the process.
Now let us look at the technical view. The price is currently heading towards 1.15 support area quite impulsively from where certain bullish intervention is expected in this pair. As the price bounces off the 1.15 support area, the bullish pressure is expected to push the price higher towards 1.17 again before continuing with the bearish trend in the future. As the price remains below 1.17 with a daily close, the bearish bias is expected to continue further.
MOMENTUM: IMPULSIVE and NON-VOLATILE