Market Outlook of EURUSD on Monday August 2023

Technical Analysis
EURUSD have big potential to buy around 1.07675. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of buyers took profit and sellers decided to involve in. Based on volume indicator the momentum for buyer is weakening. Target price at 1.08228  Fundamental Analysis
The US dollar is currently trading at 104.17 against a basket of other currencies, up from 104.05 at the open. The dollar has been gaining strength in recent weeks, as investors have sought out safe haven assets amid rising inflation and uncertainty about the global economy.

The Federal Reserve's decision to raise interest rates is also supporting the dollar. Higher interest rates make US assets more attractive to investors, and they also tend to make the dollar more valuable against other currencies.

A more hawkish Fed stance would be supportive of the dollar, as it would make US assets more attractive to investors. The dollar is also benefiting from the strength of the US economy, which is outperforming other major economies.

 DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete