After the U.S. jobs report last week, the euro went up but did not fully close its earlier price gap. It broke above the 1.15 mid-level, which was seen as the “neckline” of a double top pattern. After that, it was stopped at the post-jobs report high of 1.1594. When the British pound rose after the Bank of England meeting, the euro also climbed, breaking above 1.16 and reaching 1.1699. There seemed to be many sell orders at 1.17.
Expectations for early U.S. interest rate cuts are helping the euro rise. This week, if the U.S. CPI (Consumer Price Index) causes more selling of the dollar, the euro could go higher. If it goes above 1.17, it may test the high near 1.18 that was seen just before the July 28 tariff agreement drop.
This week’s expected range: 1.1580 – 1.1780 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.