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EURUSD Market Update

8/4/2022 12:17 PM

The European currency is trading flat against the US dollar, consolidating around 1.0165. Investors are in no hurry to open new trading positions ahead of the publication of macroeconomic data at the end of the current trading week.

The European Central Bank (ECB) is to publish its monthly report today, which will help clarify the outlook for monetary policy in the near future. Then the focus of traders will shift to the UK, where the Bank of England will announce its decision on interest rates, and with the opening of the American session it will shift to statistics from the US, which will precede the release of the final report on the labor market for July on Friday.

The euro remains under pressure after the release of European data on the dynamics of Retail Sales: in June, the indicator fell by 1.2% after rising by 0.4% a month earlier, while analysts expected zero dynamics. In annual terms, Sales fell by 3.7% after increasing by 0.4% in May and, although market forecasts suggested the emergence of negative dynamics, investors expected a decrease of only 1.7%.

In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing, reflecting appearance of multi-directional dynamics in the short/ultra-short term. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic shows a more confident decline, but is quickly approaching its lows, indicating the growing risks of the oversold euro in the ultra-short term.

Resistance levels: 1.0200, 1.0253, 1.0300, 1.0350. | Support levels: 1.0150, 1.0100, 1.0050, 1.0000.

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