Eur usd forex news today
Here are the latest EUR/USD forex news and updates:
Current Market Situation:
- EUR/USD is trading at 1.1235, down 0.15% from yesterday's close.
- The pair has been range-bound for the past few days, with the upper end of the range around 1.1300 and the lower end around 1.1150.
News and Events:
- ECB Meeting Minutes: The European Central Bank (ECB) released the minutes from its latest monetary policy meeting, which showed that policymakers were divided on the need for further stimulus. The minutes also highlighted concerns about the impact of trade tensions on the eurozone economy.
- German IFO Business Climate Index: The German IFO Business Climate Index, a key indicator of business sentiment in Europe's largest economy, fell to 97.8 in July from 98.6 in June. This suggests that the German economy may be slowing down.
- US-China Trade Talks: The US and China are set to resume trade talks in Washington DC today. The talks are expected to focus on the remaining issues, including intellectual property and technology transfer.
- US GDP: The US Commerce Department is set to release its second estimate of Q2 GDP growth today. Economists expect the growth rate to be revised down to 1.9% from 2.1% in the initial estimate.
Technical Analysis:
- The EUR/USD pair is trading below its 50-day and 200-day moving averages, which suggests a bearish trend.
- The RSI is at 44, indicating that the pair is oversold and may be due for a bounce.
- The support level is around 1.1150, while the resistance level is around 1.1300.
Forex Outlook:
- The EUR/USD pair is expected to be influenced by the outcome of the US-China trade talks and the US GDP growth rate.
- If the talks are successful, the pair may rise towards 1.1300. However, if the talks fail to produce a breakthrough, the pair may fall towards 1.1150.
- The ECB meeting minutes and the German IFO Business Climate Index may also have an impact on the pair's movement.
Please note that the forex market is highly volatile and subject to sudden changes. It's always a good idea to stay informed and adapt to changing market conditions.