31 August EURUSD Technical Forecast: EURUSD off highs near 1.1680


EURUSD is reverting Thursday’s pullback and is now posting small gains in the 1.1680/75 band. What is next? This will be highlighted in the following 31 August EURUSD Technical Forecast.

31 August, OctaFX – The pair is now attempting to consolidate in the upper end of the weekly range, returning to sub-1.1700 levels although still managing well to keep gains for the third week in a row.

The greenback, in the meantime, faded yesterday’s spike to the 94.90 region and appears around the 94.60 area when tracked by the US Dollar Index (DXY). Renewed concerns in the EM FX space plus trade jitters gave the buck some fresh oxygen on Thursday.

EURUSD now looks to data

Later in the session, advanced inflation figures in the euro area for the month of August should be in centre stage seconded by Italian GDP and preliminary CPI for the same period.

Across the pond, the final print of the Consumer Sentiment for the month of August is also due.

31 August EURUSD Technical Forecast

At the moment, the pair is up 0.10% at 1.1679 and a break above 1.1734 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9). On the downside, the next support at 1.1652 (low Aug.29) seconded by 1.1617 (55-day SMA) and finally 1.1544 (21-day SMA).

Disclaimer

This article about 31 August EURUSD Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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