EUR/USD remains stuck in a range

5:32 PM August 8, 2022

Today's session is relatively calm on the forex market. The main pair continues to be range-traded and below Fibonacci levels marked by 61.8%.

However, the volatility may return as soon as the inflation data is published on Wednesday, especially on the dollar and the US indices.

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app


Daily Time Frame Chart

On the daily chart, we can see that the price has been sideways for 20 years, and this accumulation zone could dictate new momentum in the pair once this range is broken.

Traders should be on the lookout for this week's inflation data as it could dictate the next move in the USD.


EUR/USD, Daily time frame chart. Source: xStation


During this session, AUD is leading the gains!

Source: currency-strength.com

Henrique Tomé, XTB Portugal

Share:
Back

Forex and CFDs are leveraged products and can result in losses that exceed your deposits. Please ensure you fully understand all of the risks.

Losses can exceed deposits