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EURUSD Rally May Extend as Trump Comments Hit US Dollar

EURUSD Rally May Extend as Trump Comments Hit US Dollar

Martin Essex, MSTA, Analyst

EUR price, news and analysis:

  • EURUSD has been boosted by a complaint about US interest rate rises by President Dollar Trump.
  • That trend will likely continue, at least in the short term.

Our trading forecasts for Q3 have been published; you can find the EUR guide here.

And check out the IG Client Sentiment data to help you trade profitably.

EURUSD boosted by Trump comments

The Euro has received a boost from comments by President Dollar Trump perceived as an attack on the Federal Reserve for raising US interest rates. His rhetoric has lifted the Euro and other currencies against the US Dollar, and the consequent rally in EURUSD may well continue near-term.

Speaking to the Reuters newsagency, Trump said “I'm not thrilled with his raising of interest rates, no. I’m not thrilled, referring to Federal Reserve Chair Jerome Powell, who was nominated by Trump last year to replace former Fed Chair Janet Yellen.

EURUSD Price Chart, Daily Timeframe (June 28, 2017 – August 21, 2018)

Latest EURUSD price chart.

Chart by IG

As the chart above shows, EURUSD has already rallied from a low of 1.1301 on August 15 to its current levels above 1.15 and that bounce could well continue to 1.1612, where the 50-day moving average sits. If that is broken, an extension to 1.1697 is feasible, the point at which both the 100-day moving average and trendline resistance check in. Beyond that, the July 9 high at 1.1791 would come into focus.

Concerns that low level talks on US-China trade this week will not result in a breakthrough could give the US Dollar a lift but support at the 1.1301 August 15 low should prove strong if EURUSD turns down.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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