EUR/USD Consolidates Around 1.0810 as Powell's Speech Influences Market Sentiment
By RoboForex Analytical Department
The EUR/USD currency pair is entering the final week of August in a phase of consolidation around the 1.0810 level. This follows a speech by Jerome Powell, the Chair of the Federal Reserve, during the recent Jackson Hole Symposium in the US. Powell highlighted the Fed's commitment to raising interest rates continuously to maintain elevated levels of inflation, while also considering the effectiveness of measures already in place.
As a result, the Federal Reserve plans to make necessary interest rate adjustments and maintain a stringent monetary policy until it successfully manages price control.
With a relatively quiet macroeconomic calendar at the beginning of the week, the market is relying on existing factors to determine direction.
Technical Analysis of the EUR/USD Currency Pair
On the H4 chart, EUR/USD has completed a decline to 1.0765, followed by a corrective structure forming up to 1.0816. Once this correction is complete, there is potential for the decline to continue to 1.0740, a local target. The scenario is supported by the MACD indicator, as its signal line is below zero and pointed downwards.
Disclaimer
Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
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