On Thursday, retail sales in the United States unexpectedly increased in August, and concerns about the sharp cooling of the US economy in the forex market decreased. The strong USD index also suppressed Euro. According to the Financial Times, the European Central Bank expects to achieve its 2% inflation target by 2025 based on unannounced internal scenario model expectations. The model also shows that the European Central Bank is expected to raise interest rates in more than two years, which will be at least one year ahead of most expected European Central Bank rate hikes.
From a technical point of view, Euro’s daily candle closes bearish, and the previous low forms support. If there is a breakthrough, then there is a room for further drop. The indicator tends to be neutral but slightly bearish. H4 show that EURUSD is below the middle BOLL band and MACD is below the zero axis. Overall prioritize selling at high prices on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1800.
Resistance：1.1780-1.1800-1.1850
Support：1.1750-1.1720-1.1700
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