Daily U.S. Session Watchlist: EUR/USD

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It’s Jackson Hole day so you KNOW we’re gonna be lookin’ at dollar majors.

What do you think of trading EUR/USD’s short-term resistance?

Before moving on, ICYMI, I’ve listed the potential economic catalysts that you need to watch out for this week. Check them out before you place your trades today!

And now for the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • U.S. core PCE price index at 12:30 pm GMT
  • U.S. personal income and spending numbers at 12:30 pm GMT
  • Fed’s Powell to give Jackson Hole speech at 2:00 pm GMT

If you’re not familiar with the forex market’s main trading sessions, check out our Forex Market Hours tool.

What to Watch: EUR/USD

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

Now that the Spider-Man : No Way Home trailer is out, traders can focus on Fed Chairman Powell’s Jackson Hole speech at 2:00 pm GMT.

A few weeks ago, market players were betting on the Fed head honcho to drop deets on the Fed’s tapering plan and/or schedule during the event. But that was before the Delta variant, global growth concerns, and the Kabul bombing weighed on risk sentiment.

Today, traders believe that JPow can afford to wait a few weeks more before confirming the Fed’s tapering plans.

If he plays up the downside risks of the Delta variant on the economic recovery and hints of pushing back their tapering schedule, then we could see risk-taking that would boost EUR/USD above its 1.1775 range resistance. A trip to 1.1800 is likely though 1.1850 is also an option if we see enough momentum.

But if Powell echoes his Fed crew and hints that they would scale back their easy policies, then we could see dollar demand that would drag EUR/USD down to inflection points like 1.1750, 1.1725, or 1.1700.

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