11.07.202409:35 Forex Analysis & Reviews: Hot forecast for EUR/USD on July 11, 2024

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Formally, the dollar slightly fell, but the decline is not even noticeable and the market generally remains stagnant. Today's U.S. inflation data will change everything, especially since forecasts suggest that consumer price growth should slow from 3.3% to 3.1%. This will finally convince the market of the inevitability of a Federal Reserve interest rate cut at the September meeting. In this case, the dollar may significantly lose ground.

EUR/USD maintains a bullish bias, as shown by the price holding steady above the 1.0800 level.

On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which corresponds to an upward trend.

On the same chart, the Alligator's MAs are headed upwards, which reflects the quote's movement.

Outlook

The volume of long positions is expected to increase once the price settles above the 1.0850 mark. In this scenario, the euro could rise towards the 1.0900 level. As for the alternative scenario, the price could move within the 1.0800/1.0850 range.

Comprehensive indicator analysis in the short term does not have stable indicators due to stagnation. In the intraday period, the indicators are reflecting an upward cycle.

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