Forex Analysis by Investing.com (Damian Nowiszewski) covering: EUR/USD. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
The EUR/USD pair is nearing a critical resistance level at 1.11 as the greenback weakens ahead of Jackson Hole.For less than $8 a month, InvestingPro's Fair Value tool helps you find which stocks to hold and which to dump at the click of a button
While recent economic data has supported the Euro's strength, traders remain cautious as the pair approaches a crucial resistance level. A successful break above 1.11 could open the door for further gains.Investors will turn their attention to the annual Jackson Hole conference, particularly to Fed Chairman Jerome Powell's speech. While Powell is unlikely to make groundbreaking comments on monetary policy, the conference may set the stage for a 25 basis point cut in September.
Political factors also loom large, with the upcoming US presidential election as a central event. No candidate currently leads decisively in the polls. Analysis suggests that a potential win by Kamala Harris could favor further reductions, as she is likely to avoid the aggressive tariffs and tax cuts proposed by Trump, which might otherwise pressure prices upward in the short term.The bullish scenario involves a breakout above 1.11 and continued upward towards 1.
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