The demand for the single currency remains somewhat subdued in the second half of the week, with EURUSD looking to stabilize around 1.1700 the figure. What is next? Gain insight into the following 30 August EURUSD Technical Outlook.
30 August, OctaFX – The pair keeps the red figures so far today, reverting a 4-day positive streak, as some fresh demand appeared supporting the buck, all in response to renewed and heightened concerns in the EM FX space as well as on the US-China trade front.
German inflation figures
In the data space, unconvincing advanced German inflation figures for the month of August have undermined the upside impetus. Across the pond, July’s US Core PCE rose at a monthly 0.2% and 2.0% on a yearly basis, both prints coming in in line with forecasts.
Further US data saw Personal Income expanding 0.3% MoM in July while Personal Spending rose 0.4% MoM, both readings matching consensus. Additionally, Initial Claims rose by 213K WoW, taking the 4-Week Average to 212.25K from 213.75K.
30 August EURUSD Technical Outlook
At the moment, the pair is losing 0.12% at 1.1693 facing the next support at 1.1652 (low Aug.29) seconded by 1.1617 (55-day SMA) and finally 1.1603 (10-day SMA). On the flip side, a break above 1.1734 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9).
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