Market Outlook of EURUSD on Thursday 2023

Technical Analysis
EURUSD have big potential to sell around 1.08705. 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 1.07999.  Fundamental Analysis
The US dollar weakened yesterday, August 23, 2023, against most major currencies. The US Dollar Index (DXY), which measures the value of the dollar against a basket of six other major currencies, fell by 0.3% to 103.36. The euro rose 0.2% to $1.0555, while the Japanese yen strengthened 0.3% to $0.0084. The British pound also rose 0.2% to $1.1955.

The weakness in the dollar was attributed to a number of factors, including:

Softer-than-expected economic data from the US.
Rising expectations of interest rate cuts by the European Central Bank.
The ongoing war in Ukraine.

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