In the European market, the euro was bought because of hopes for a U.S.–Russia–Ukraine meeting. The euro rose to 1.1692, but it could not reach the previous day’s high of 1.1715 and then lost strength. Later, President Trump said, “If President Putin does not move in a good direction, the situation will be tough.” After this, some traders sold euros to take profit, and the price went back to around the mid-1.16 level. Today, the Eurozone July HICP will be released, but before Fed Chair Powell’s speech at the Jackson Hole meeting this weekend, price moves are expected to stay limited. The euro is likely to keep moving around the 1.16 level.
EUR/USD forecast range: 1.1630 – 1.1700 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.