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EUR/USD, GBP/USD, DXY Price Forecast: EUR Nears $1.0715 Before Inflation Figures
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Key Points:
- German Preliminary CPI at 0.1% pressured the Euro, missing the forecast of 0.2%.
- ISM Manufacturing PMI dropped to 48.5, indicating a contraction in the U.S. manufacturing sector.
- Dollar Index trades at $105.99, down 0.27%, with mixed technical signals for support and resistance.
In this article:
Market Overview
Events Ahead
Looking ahead to Tuesday, July 2, markets will focus on the Core CPI Flash Estimate y/y for the Eurozone, expected to be 2.8%, and the CPI Flash Estimate y/y, forecasted at 2.5%.
These inflation figures will be crucial for the EUR/USD, which is currently trading at $1.07167, up 0.44%. ECB President Lagarde will speak again, potentially impacting the Euro further.
In the U.S., all eyes will be on Fed Chair Jerome Powell’s speech and the JOLTS Job Openings report, expected to show 7.96 million openings.
The Dollar Index is trading at $105.99, down 0.27%. On the 2-hour chart, the pivot point is $105.798. Immediate resistance levels are $106.134, $106.261, and $106.401. Immediate support is at $105.650, followed by $105.426 and $105.254.
Technical indicators show mixed signals. The 50-day Exponential Moving Average (EMA) is at $105.811, and the 200-day EMA is at $105.491. This suggests potential support around these levels. The outlook for the Dollar Index is bullish above $105.798.
EUR/USD Technical Forecast
The GBP/USD is trading at $1.26220, up 0.13%. On the 2-hour chart, the pivot point is at $1.2635. Immediate resistance levels are $1.2662, $1.2680, and $1.2704. Immediate support is at $1.2612, followed by $1.2595 and $1.2580.
Technical indicators provide a mixed outlook. The 50-day Exponential Moving Average (EMA) is at $1.2650, and the 200-day EMA is at $1.2680, suggesting potential resistance levels. The outlook for GBP/USD is bearish below $1.2635.
About the Author
Arslan Aliauthor
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.
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