Daily Analysis EURUSD - 29 Aug 2023

GfK Institute's survey indicates a forthcoming decrease in German consumer sentiment for September. This projection results from diminishing income expectations and reduced inclination to make purchases, with the consumer sentiment index declining to -25.5 for September, down from August's slightly revised -24.6.

Later in the day, the focus shifts to US job openings. A minor decline could signal a potential slowdown in broader labor statistics due to be released on Friday.

Investors are still navigating the path of monetary policy, with Federal Reserve Chairman Jerome Powell reiterating the possibility of further interest rate hikes if inflation remains below target. Powell emphasized the Fed's dedication to combating inflation, stating that although it has decreased from its peak, it remains elevated.

The EURUSD is currently breaking through the confluence point of 1.0800 and seems to have found temporary support at the 1.0780 level. It has created a new lower low, suggesting that the next target might 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