EURUSD Outlook for July 2023 👉
Behavioral sentiment which believed the U.S Federal Reserve would not raise its Federal Funds Rate in June was proven correct.
Speculators who has a vision of the EUR/USD breaking significant mid-term resistance levels were met head on by fundamental data from the U.S which showed inflation remains remarkably stubborn, and only a couple of days ago U.S Consumer Confidence numbers were higher than expected too. . This perception has seemingly caused the EUR/USD to fall from highs and break support of 1.09000, and seen the currency pair provide choppy conditions recently between the 1.08500 to 1.09000 ratios.If inflation remains high and consumers remain rather confident this would likely spark another Federal Funds Rate increase in July, which has seemingly been priced into the EUR/USD.
The downturn in value the past week followed by choppy conditions within the higher levels of the EUR/USD, which were made since early June could prove to be dangerous for traders who are seeking one way momentum with overly ambitious price targets. There seems to be a likelihood the EUR/USD could find consolidated choppy trading in July as financial institutions interpret economic data.
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