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Europe's risk-sensitive currencies weakened as the global outlook worsened following poor trade data from China.
Additionally, Moody's downgraded the credit ratings of several U.S. small and medium-sized banks late Monday and said it may downgrade some of the largest U.S. banks.
The agency warned that the credit strength of the banking industry could be tested by funding risk and weakened profitability.
Global risks have increased, creating demand for the Dollar as a safe haven. In Europe, although eurozone inflation risk indicators are approaching historic highs, European Central Bank policymakers have yet to reveal whether they will continue to rise. interest rates or pause interest rate hikes after the summer break, but stressed that will depend on the specific situation.
If the market expects that the Federal Reserve and the European Central Bank will continue to raise interest rates at the same time at the September interest rate meeting, the US Dollar is expected to maintain a certain advantage and maintain maintain the recent uptrend in the forex market.
Unless there is a scenario where the Fed stops raising rates while the European Central Bank continues to raise rates, the euro could receive a certain degree of stimulus and recovery.
On the daily chart (D1),
EURUSD
is trying to sustain above the 0.50% Fibonacci retracement level with a newly formed price channel (a).
However, EUR/USD has not yet qualified for a rally, in order to qualify for a solid upside EUR/USD needs to take price action at least above the 0.382% Fibonacci level and break above the price channel (a) ).
The downside risk occurs when EUR/USD breaks below channel (a), sustains activity below the 0.50% Fibonacci level and then targets around 1.08814 0.618% Fibonacci price point.
In the interim, the direction of EUR/USD will remain unclear and mostly sideways, the pair needs a major fundamental impact to change the current structure. Notable near-term technical levels are as follows.
Support: 1.09572
Resistance: 1.10330
@BestSC
Europe's risk-sensitive currencies weakened as the global outlook worsened following poor trade data from China.
Additionally, Moody's downgraded the credit ratings of several U.S. small and medium-sized banks late Monday and said it may downgrade some of the largest U.S. banks.
The agency warned that the credit strength of the banking industry could be tested by funding risk and weakened profitability.
Global risks have increased, creating demand for the Dollar as a safe haven. In Europe, although eurozone inflation risk indicators are approaching historic highs, European Central Bank policymakers have yet to reveal whether they will continue to rise. interest rates or pause interest rate hikes after the summer break, but stressed that will depend on the specific situation.
If the market expects that the Federal Reserve and the European Central Bank will continue to raise interest rates at the same time at the September interest rate meeting, the US Dollar is expected to maintain a certain advantage and maintain maintain the recent uptrend in the forex market.
Unless there is a scenario where the Fed stops raising rates while the European Central Bank continues to raise rates, the euro could receive a certain degree of stimulus and recovery.
On the daily chart (D1),
EURUSD
is trying to sustain above the 0.50% Fibonacci retracement level with a newly formed price channel (a). However, EUR/USD has not yet qualified for a rally, in order to qualify for a solid upside EUR/USD needs to take price action at least above the 0.382% Fibonacci level and break above the price channel (a) ).
The downside risk occurs when EUR/USD breaks below channel (a), sustains activity below the 0.50% Fibonacci level and then targets around 1.08814 0.618% Fibonacci price point.
In the interim, the direction of EUR/USD will remain unclear and mostly sideways, the pair needs a major fundamental impact to change the current structure. Notable near-term technical levels are as follows.
Support: 1.09572
Resistance: 1.10330
@BestSC
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