EUR/USD Analysis 21/08: Key Economic Readings (Chart)

(MENAFN- Daily Forex) EUR/USD Analysis Summary Today

• Overall Trend: Neutral with a downward bias.
• Today's Support Levels: 1.1600 – 1.1550 – 1.1480.
• Today's Resistance Levels: 1.1680 – 1.1730 – 1.1800.

EUR/USD Trading Signals:

• Buy EUR/USD from the 1.1560 support level, with a target of 1.1800 and a stop-loss at 1.1500.
• Sell EUR/USD from the 1.1730 resistance level, with a target of 1.1500 and a stop-loss at 1.1800.

EUR/USD Technical Analysis Today:

As expected, the EUR/USD pair is still under selling pressure until markets and investors react to what will be said at the Jackson Hole Symposium later this week. The focus will be on hints from global central bank officials, especially from the US Federal Reserve. According to reliable trading platforms, the EUR/USD pair has fallen to the 1.1625 support level, where it is consolidating at the time of writing.

The recent selling pressure on EUR/USD has pushed the 14-day Relative Strength Index (RSI) below the midpoint, which supports the bears in their further downward push. At the same time, the MACD indicator is preparing to move steadily downward.

According to the economic calendar, today's session on Thursday, August 21, will be influenced by the release of Purchasing Managers' Index (PMI) readings for both the manufacturing and services sectors of the Eurozone's largest economies. The French readings are due at 10:15 AM Cairo time, the German readings at 10:30 AM Cairo time, and the overall Eurozone readings at 11:00 AM Cairo time.

On the US dollar side, the weekly US unemployment claims data will be announced at 3:30 PM Cairo time, followed by PMI readings for the manufacturing and services sectors at 4:45 PM Cairo time, and finally, the US existing home sales figures at 5:00 PM Cairo time.

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Traders are advised to avoid trading EUR/USD for now and to await the reaction to today's and tomorrow's key data and events to get a clearer picture of the best entry levels for selling or buying. Avoid taking risks, no matter how strong the available trading opportunities seem stock indices remain cautiously stable today

During today's session, European stock markets are set to open with little change, as risk sentiment stabilizes. Investors are awaiting key signals from central banks and economic data. The market's focus is on the US Federal Reserve's annual Jackson Hole Symposium, where traders will scrutinize Fed Chair Jerome Powell's remarks for any indication of whether the central bank will deviate from expectations of a near-term rate cut.

In Europe, attention will also be on the preliminary PMI reports for both the Eurozone and Britain, which will offer new insights into the region's economic momentum. Meanwhile, the corporate calendar is relatively calm, with no major earnings reports scheduled.

EURUSD Chart by TradingView

In pre-market trading, futures contracts tied to the Euro Stoxx 50 and Stoxx 600 indices were stable, reflecting the cautious tone ahead of today's events.

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