Last Friday, due to the weakening of USD, Euro continued to rise, briefly breaking through 1.1900. Euro is bullish for five consecutive trading days mainly due to the strong selling tendency of USD and the stronger than expected GDP performance of Eurozone in the second quarter. However, the rebound of USD caused Euro to give up all the gains. Eurostat also stated that the Eurozone inflation rate in July increased from 1.9% in June to 2.2%, the highest since October 2018.
From a technical point of view, Euro’s daily line is consecutively bullish, and close at above the middle Boll band on Friday. The market performance is still strong. The upwards channel is still intact in H4 graph and continues to operate above the 20-day moving average. The RSI indicator is neutral. Overall prioritize buying at low prices on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1850.
Resistance：1.1880-1.1910-1.1950
Support：1.1850-1.1825-1.1800
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