Euro lifted slightly by US downgrade, But will it last ?

2 Agu 2023

EURUSD : Consolidation could continue
EUR/USD might continue to weaken due to resistance at the 200-week moving average. The short-term trend is consolidating, but overall, the outlook is positive. The broader uptrend would only be at risk if it falls below 1.0500-1.0600, which includes the early-2023 lows.

EURAUD : Broader bullish trend reaffirmed
EUR/AUD has rebounded from strong support at the mid-July low of 1.6230. In the short term, the trend is sideways, but the medium-term trend is upward since late 2022. The April high of 1.6800 is the top end of the range, and immediate support is at 1.6230.

EURNZD : Boxed in a range
The recent price action of EUR/NZD has been stagnant, with the currency pair trading within a narrow range of 1.7200-1.8100. However, it is worth noting that EUR/NZD has managed to stay above the important support level of the 89-day moving average. Looking at the bigger picture on the monthly charts, EUR/NZD's break above the 2022 high of 1.7500 indicates a bullish bias.