The single currently
pressured the 1.1600 level in the early trading hours as the US dollar gathered
strength on
the outlook for the US economy presented by the US Federal Reserve Chairman Powell in Congress as
well as by Kansas City Fed President George. Both officials shared opinion that the US economy is expected to remain strong with employment and
inflation rising that justifies the gradual monetary policy normalisation with
rates going higher.
As seen on the daily chart since mid June the EUR/USD pair is consolidating below the 1.1800 handle and above the resistance turned то support which is the top of the two-year range.
On the same chart the price is currently forming a triangle pattern,тhat often comes before the trend continuation,but having in mind the previous drops bring bearish implications. In case of closing below the triangle bottom, doors are opened for testing the support zone at 1.1520 – 1.1570.
As seen on the daily chart since mid June the EUR/USD pair is consolidating below the 1.1800 handle and above the resistance turned то support which is the top of the two-year range.
On the same chart the price is currently forming a triangle pattern,тhat often comes before the trend continuation,but having in mind the previous drops bring bearish implications. In case of closing below the triangle bottom, doors are opened for testing the support zone at 1.1520 – 1.1570.
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