Double Bottom Pattern In EUR/USD – US PPI In Focus for a Breakout! - Forex News by FX Leaders

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

Posted Wednesday, September 12, 2018 by
Arslan Butt • 1 min read

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.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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