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Should We Keep an Eye on the Euro/Dollar’s Price Movements as It Struggles to Break Out of Its Range?

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Should We Keep an Eye on the Euro/Dollar’s Price Movements as It Struggles to Break Out of Its Range?

08.08.2022

Today's Highlights
  1. No major economic indicators are scheduled for release in either Europe or the United States.
  2. Be on the lookout for sudden spikes in volatility due to Japan’s Obon holiday

Last weekend, the U.S. dollar emerged as the strongest currency following a significant improvement in the July U.S. employment report. Additionally, Federal Reserve Governor Bowman stated, “We should consider a 0.75% rate hike until we see a sustained decline in inflation,” which further fueled the dollar’s strength.The EUR/USD pair fell by approximately 110 pips from 1.0251 to 1.0140. As the EUR/USD has been trading within a range on a daily basis since July 19, we should keep an eye on price movements within the 1.0106–1.0286 range.

Among European currencies, the pound, along with the euro, weakened against the U.S. dollar, with the GBP/USD pair falling by as much as 160 pips from 1.2169 to 1.2003.In Asian trading at the start of the week, the GBP/USD pair has rebounded slightly and is trading around 1.2076; however, with the 20-period moving average on the hourly chart acting as resistance, we need to carefully assess whether the pair will return to a downtrend.

No major economic indicators are scheduled for release today during either European or U.S. trading hours.Since this week marks the Obon holiday period in Japan, trading volume is expected to be light; therefore, we should remain vigilant for sudden spikes in volatility during periods of thin trading. Additionally, with the U.S. CPI scheduled for release the day after tomorrow, we should carefully monitor the U.S. dollar’s price movements leading up to the CPI release.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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