In the Tokyo market, the euro first went down to 1.1623, but it quickly recovered. Later, in the European market, Germany’s July Producer Price Index (PPI) was lower than expected, and the euro dropped again to 1.1624. However, since the earlier low in Tokyo was strong support, the euro stopped falling and started to rise again.
In the New York market, President Trump said that Federal Reserve Board member Cook should resign immediately. This caused the U.S. dollar to weaken across the board, and the euro rose to 1.1673. In the end, the euro moved within a narrow range in the 1.16 level, as traders waited for Chairman Powell’s speech at the Jackson Hole meeting.
Expected EUR/USD Range: 1.1630 – 1.1690 USD
Note: This information does not guarantee profit. Please make your own decision when trading.