Daily Analysis EURUSD - 25 Aug 2023

The euro is still facing pressure as it missed the critical level at 1.08, trading slightly lower. Investors are eagerly awaiting statements from Fed Chairman Jerome Powell and ECB President Christine Lagarde later today. The Jackson Hole Symposium, which began yesterday, has put the main central bankers back in the spotlight after their absence, and the market is keen to see if they will reveal any new insights about future interest rate intentions.

Yesterday's developments didn't hold any significant surprises. Economic data had mixed conclusions, and the US dollar gained extra support from the negative sentiment in international stock markets. This increased the demand for dollars, a traditional safe-haven currency.

Today's schedule is quite busy. Alongside the central bankers' statements, important macroeconomic data will be released, including the University of Michigan's Consumer Sentiment survey in the US and the IFO Institute's announcement on the economic climate in Germany. Given the potential for significant volatility, adopting a wait-and-see approach before major announcements seems prudent.

The EURUSD is breaking the confluence point of 1.0800 making a new lower low where the next target will be around the 1.0700 support level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1090	1.1050	1.1000	1.0850	1.0800	1.0700