Double Bottom Pattern In EUR/USD – US PPI In Focus for a Breakout!

The US dollar consolidated as markets remained cautious about trade discussions between the United States and Canada, and extended weakness in China’s currency weighed on the sentiment.

At one moment, the dollar is going higher upon trade war and coming down in the next over eased remarks from the world’s biggest economies. Due to this, the major currency pair EUR/USD is also stuck in a narrow range of $1.1565 – $1.1615. Can we expect a breakout?

The U.S. economy is expected to release the PPI data in an hour from now at 13:30 (GMT). The current PPI figure is anticipated to grow by 0.2% m/m in Aug vs. 0.0% growth in July.

Weaker PPI figure can cause a bullish movement in the EUR/USD until $1.1615 and $1.1635. The violation of 1.1565 can cause a drop towards 1.1535.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Add 3442

Add 3440

XM

Best Forex Brokers