(MENAFN- Daily Forex)
The eur/usd exhibited a relatively calm demeanor, showing slight negativity in the early stages of trading on Thursday. Investors are eagerly anticipating the speeches at the upcoming Jackson Hole Symposium scheduled for Friday. This event holds particular significance as key figures like Jerome Powell of the federal reserve and Christine Lagarde from the European Central Bank are set to deliver speeches. Consequently, this currency pair is poised to become the focal point for currency traders. Forex Brokers We Recommend in Your Region 1 read full review get started It's worth noting that during Thursday's trading, the currency pair tested the 200-day exponential moving average (EMA) and experienced a significant rebound, resulting in the formation of a hammer pattern. This price action suggests that the market is inclined to stabilize around this range. An additional noteworthy aspect is that the 200-day EMA coincided with a significant trend line, adding to the appeal for technical traders. Given these factors, it's not surprising that the current fois on consolidating the gains made in the short term.In the broader scheme, there is an inclination towards an upward breakout in this market. However, an obstacle in the form of the 50-Day EMA lies above, presenting a level of resistance. The overall sentiment of the market will play a crucial role in determining its trajectory. If Jerome Powell's statements have a substantial impact and the market breaches the lower boundary of the Thursday hammer pattern and the 200-day EMA, there is a possibility of a decline to the 1.0650 level.Subdued Activity is to be ExpectedObserving the market's oscillation between the 50-day EMA and the 200-day EMA provides insight into its general compression. Such a pattern often precedes a potentially significant movement in either direction. Given the current lack of conviction and volume in the market, this development seems logical. The conclusion of the Jackson Hole Symposium might serve as the catalyst for triggering a more substantial price movement. Until that point, it's improbable that there will be significant market activity.In the end, the euro's recent behavior has been characterized by relative tranquility with a marginal negative inclination. The anticipation of speeches at the Jackson Hole Symposium, involving prominent figures in central banking, underscores the significance of this currency pair. The market's recent interaction with key moving averages and trend lines reflects its current stabilization efforts. While the potential for an upward breakout exists, the 50-Day EMA poses a challenge. The forthcoming symposium could provide the impefor a more pronounced market movement, but until then, subdued activity is to be expected.Ready to trade our forex daily forecast ? We've shortlisted the best fx trading platform in the industry for you.
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