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R.Linda Trading - forecast

EURUSD - Consolidation before distribution. Target 1.100

2024-07-31 10:44 FOREX forecast

💡 Ideas For #EURUSD 🇪🇺🇺🇸

📈 Consolidation before distribution. Target 1.100

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EURUSD is forming a wedge, the nature of the pattern is consolidation. FOMC & FED meeting is ahead. The main issue is inflation and interest rate cuts. What should we expect?

EURUSD → Change of mood after a false breakout. $ is rising

100% probability that today the rate will remain unchanged, but Powell at the meeting may signal a Fed rate cut in the coming months amid slowing labor market growth. Eurozone consumer inflation fell from +0.2 to 0% (expected -0.3%) and core CPI rose by 0.1 to +2.9%, suggesting a generally improving environment for a stronger EUR.

Technically, the bulls are trying to hold the area of 1.08. A descending wedge is forming on the chart, another retest, if the fundamental background persists, may lead to a break of resistance. In this case, the market may move into the distribution phase, within which it is able to update the local maximum.

Resistance levels: 1.0852

Support levels: 1.08

Traders are in no hurry to act prematurely and will wait for the Fed and FOMC meeting. Technically everything is favorable to start the growth. Potential target is 1.100

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