Weekly Forex Forecast 29 August to 2 September 2022
Weekly Forex Forecast 29 August to 2 September 2022

Weekly Forex Forecast 29 August to 2 September 2022

EURUSD Rates Week in Review

Last week, our technical indicators suggested to go Short at or above 1.00, setting a Stop Loss at 1.03574, and to go Long below 1.00, setting a Stop Loss at 0.98.

This week, EURUSD price range was 1.0048 high, set this past Monday, and 0.99 low, set this past Tuesday. So, Monday, we could have Bought the currency pair at 0.9928, selling it on an intraday trading at 1.0046, for 1.19% profit. Also Monday, we could have Short it at 1.0046, Covering  it on an intraday trading at 0.9928, for 1.19% profit. Tuesday, we could have Bought the currency pair at 0.9902, selling it on an intraday trading at 1.0017, for 1.17% profit. Also Tuesday, we could have Short it at 1.0017, Covering  it on an intraday trading at 0.9902, for 1.17% profit. Wednesday, we could have Bought the currency pair at 0.9911, selling it on an intraday trading at 0.98, for 1.12% profit. Also Wednesday, we could have Short it at 0.98, Covering  it on an intraday trading at 0.9911, for 1.12% profit. Thursday, we could have Bought the currency pair at 0.9965, selling it on an intraday trading at 1.0031, for 0.66% profit. Also Thursday, we could have Short it at 1.0031, Covering  it on an intraday trading at 0.9965, for an extra 0.66% ROI.

 Fundamental Overview

The US Dollar Index (DXY) began Wednesday on a firmer footing before retreating towards 108.50 on a lack of too-strong US data. That said, the DXY drops 0.20% to 108.40 at the latest. Among the scheduled data, an improvement in US Durable Goods Orders and mixed housing figures gained major attention.

On the contrary, rallying prices of the Dutch Title Transfer Facility (TTF) natural gas futures portray the energy crisis in Germany, as well as in the bloc, amid recently increased sanctions on Russian oil. On the same line were comments from an influential economist Marcel Fratzscher of the German Institute for Economic Research mentioned, per Reuters, “The economic impact on Germany of Russia’s invasion of Ukraine will last years.”

Amid these plays, the US 10-year Treasury yields rose the most in a week the previous day while refreshing a two-month high to around 3.10%. However, mixed concerns seem to have probed the US bond sellers of late. That said, the Wall Street benchmarks printed mild gains, which in turn helped S&P 500 Futures to remain mildly bid at around 4,150 at the latest.

Looking forward, the final readings of Germany’s second quarter (Q2) GDP and the second version of the US Q2 GDP will join the US Q2 Personal Consumption Expenditure (PCE) to decorate the calendar. Also important to watch will be the monthly prints of Germany’s IFO sentiment figures. However, major attention will be given to updates on the German energy crisis and Jackson Hole for fresh impulse.

Technical Analysis

EURUSD continues to trade near parity during the European trading hours on Thursday with the improving market mood helping the shared currency find demand. The data from Germany showed that IFO Current Assessment Index declined modestly to 97.5 in August.

EURUSD bulls struggle to retake control inside an eight-day-old bearish channel, currently between 0.9990 and 0.9920. Even if the quote crosses the 0.9990 hurdle, the 1.0000 psychological magnet and late July’s swing low near 1.0100 could test the upside momentum.

For next week, after the break under parity and the drop to 20y low at 0.99, EURUSD has found some support, and yesterday has spiked above parity. However, this rise proved to be short-lived and now the pair is trading at 0.99830, time of writing this  article.

The trend remains bearish and the best and less risky approach for traders is to the rallies.
A new spike up could offer such an opportunity and my sell zone is between 1.0050 and 1.01.

The following technical analysis chart is suggesting to go Short at or above 1.0050, setting a Stop Loss at 1.02, and to go Long below 1.0023, setting a Stop Loss at 0.97.

As of 12:11 PM (GMT+1), the EURUSD was trading at 0.99860.

EUR to USD forecast for tomorrow: Euro to Dollar forecast on Friday, August, 26: exchange rate 0.9972 Dollars, maximum 1.0122, minimum 0.9822. EUR to USD forecast on Monday, August, 29: exchange rate 0.9997 Dollars, maximum 1.0147, minimum 0.9847. Euro to Dollar forecast on Tuesday, August, 30: exchange rate 0.9900 Dollars, maximum 1.0049, minimum 0.9752. EUR to USD forecast on Wednesday, August, 31: exchange rate 0.9853 Dollars, maximum 1.0001, minimum 0.9705.

In 1 week, Euro to Dollar forecast on Thursday, September, 1: exchange rate 0.9768 Dollars, maximum 0.9915, minimum 0.9621. EUR to USD forecast on Friday, September, 2: exchange rate 0.9776 Dollars, maximum 0.9923, minimum 0.9629. Euro to Dollar forecast on Monday, September, 5: exchange rate 0.9783 Dollars, maximum 0.9930, minimum 0.9636. EUR to USD forecast on Tuesday, September, 6: exchange rate 0.9695 Dollars, maximum 0.9840, minimum 0.9550. Euro to Dollar forecast on Wednesday, September, 7: exchange rate 0.9631 Dollars, maximum 0.9775, minimum 0.9487.

Recent Comments

Write a Comment

Related Bonus

NordFX Super Lottery: 54 More Winners Ge
NordFX Super Lottery: 54 More Winners Ge
07 October 2022 08:18 AM
Forex No Deposit Bonus 100 USD Dollar
Forex No Deposit Bonus 100 USD Dollar
06 October 2022 10:16 PM
Win Free Gives Away 100,000 USD to Trade
Win Free Gives Away 100,000 USD to Trade
06 October 2022 10:05 AM
VT Markets Bags 4 Awards From World Busi
VT Markets Bags 4 Awards From World Busi
06 October 2022 06:54 AM
HFM 30 Dollar New No Deposit Bonus
HFM 30 Dollar New No Deposit Bonus
05 October 2022 08:27 PM
ZES Forex 100% First Deposit Welcome Bon
ZES Forex 100% First Deposit Welcome Bon
05 October 2022 12:54 AM
Squared Financial $30 No Deposit Trading
Squared Financial $30 No Deposit Trading
04 October 2022 03:38 PM
HF Markets $35 Forex No Deposit Bonus
HF Markets $35 Forex No Deposit Bonus
03 October 2022 10:06 PM
JustForex 120% Free Welcome Bonus
JustForex 120% Free Welcome Bonus
03 October 2022 02:38 PM
JustMarkets 120% forex bonus on your dep
JustMarkets 120% forex bonus on your dep
03 October 2022 12:39 PM
HotForex Monthly Demo Contest Program
HotForex Monthly Demo Contest Program
02 October 2022 02:58 PM

Forex Featured Brokers

OctaFX

Free Trading Signals, Broker Type : STP/ECN Leverage up to 1:1000, 50% Deposit Bonus

Start Trading View Profile »
FXChoice

65% Crypto Bonus, Min: Deposit: 100 USD, Broker Type: STP/NDD, 50% Welcome Bonus

Start Trading View Profile »
HF Markets

Minimum Deposit $5, Leverage up to 1:1000 Broker: STP/ECN/NDD, 100% Trading Bonus

Start Trading View Profile »
INFINOX

Minimum Deposit $100, Leverage up to 1:1000, Broker Type: ECN/STP, Free Trading Signals

Start Trading View Profile »
FXTRADING.com

50% Trading Bonus, Broker Type: STP/ECN, Leverage up to 1:500, $600 Welcome Bonus

Start Trading View Profile »
ATFX

Leverage up to 1:400, Minimum Deposit $100, Broker Type: NDD, 50% Deposit Bonus

Start Trading View Profile »
Forex No Deposit Bonus 100 USD Dollar
Forex No Deposit Bonus 100 USD Dollar
07 October 2022 10:41 AM
HFM 30 Dollar New No Deposit Bonus
HFM 30 Dollar New No Deposit Bonus
07 October 2022 10:06 AM
HF Markets $35 Forex No Deposit Bonus
HF Markets $35 Forex No Deposit Bonus
07 October 2022 10:17 AM
JustForex 120% Free Welcome Bonus
JustForex 120% Free Welcome Bonus
06 October 2022 05:42 PM
HotForex Monthly Demo Contest Program
HotForex Monthly Demo Contest Program
07 October 2022 11:37 AM
Awex 50 USD Forex No Deposit Bonus
Awex 50 USD Forex No Deposit Bonus
07 October 2022 11:24 AM
Weekly Forex Forecast 3 - 7 October 2022
Weekly Forex Forecast 3 - 7 October 2022
07 October 2022 12:37 AM
NordFX Super Lottery, 100,000 Fund
NordFX Super Lottery, 100,000 Fund
07 October 2022 06:06 AM


moneta_footer.png
Best MT4 Broker
with lowest cost
Exclusive Access to
PRO Trader Tools
Free Trading
Signals
25% Rescue
Bonus New
Zero Swap Fees
on Gold