Caution: Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognise that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. does not guarantee the profitability of trades executed on its systems. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of using our servers or advice on forex related products on this website.
Expand Offer

Save $228 on our Trade Together program, paid for by our partner.

Learn More

Save $228 on our Trade Together program, paid for by our partner.

Learn More

EUR/USD Holds Steady With FOMC Minutes & PMI Looming – EURUSD Analysis & Prediction

  • 2 mins read ●
  • Published:
eur usd 3

Key Points

  • EURUSD holds onto CPI gains
  • FOMC Minutes & PMI Looms
  • Has the dollar bottomed out?
  • EURUSD is trading around a crucial high level.

EURUSD Holds Onto CPI Gains

In what has been a quiet start to the week, Friday’s CPI report, a significant economic indicator, remains a hot topic among traders and investors. The markets reacted with a mix of relief and anticipation when the report was released on Friday, interpreting it as a dovish print as stocks surged and the US dollar weakened.

Although the dollar rebounded late on Friday, EURUSD has held onto most of the gains seen since last week. This suggests some strength in this market as we approach the busier part of the week.

FOMC Minutes & PMI Day Looms

This week’s volatility will likely begin on Wednesday as the FOMC meeting minutes are set to be released. This will provide traders with a detailed record of the FOMC’s most recent meeting, where “higher for longer” ruled the roost once more. Despite rate cut expectations seemingly being pushed back consistently, the markets are now at ease with this. As long as inflation continues to fall, traders will keep believing the soft landing narrative.

On Thursday, high-impact data in the form of the Purchasing Managers’ Index (PMI) will directly impact both the Euro and the US Dollar. This data, which provides insights into the health of the services and manufacturing sectors, could trigger significant market movements. While both the Manufacturing and Services PMIs are currently showing expansion, a reading that indicates contraction could lead to further EURUSD gains.

Visit our Economic Calendar

EURUSD Trades At Key High

EURUSD has been gaining on the daily time frame since the low was created on April 16th. This gain has represented around 300 pips or 2.8%, and now we are in a very intriguing position heading into Wednesday and Thursday.

eurusd daily chart
EUR/USD Daily Chart – 21/05/2024

The EUR/USD daily chart above shows the daily “MS Low” and “MS High” marked, representing the current market structure. The price threatened to close above the MS High on Thursday last week but created a liquidity grab. Yesterday, the high was tested again.

Something is going to give sooner rather than later, and if there is a full-body candle closure above the MS High, then this market becomes technically “bullish.” From here, traders may look for a golden crossover between the 50, 100, and 200-day moving averages for an extra confluence of a bullish market.

Alternatively, traders may want to validate Thursday’s wick as a liquidity grab by utilising a lower time frame bearish break of structure. If this occurs, we could see EURUSD fall back inside the current market structure. How deep this would go depends on the strength of the US data that is due out.

Related Articles:

Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.

Trade Like a Predator Hunt for Opportunities

Sign up now for FREE access to our exclusive trading strategy videos. Want more? Explore our Trade Together program for live streams, expert coaching and much more.

Here’s what you’ll get:

Identifying high probability scalping setups
When to scalp and when to stay out
Precise entries and exits
Position sizing and risk management
HTT Piranha Strategy Course thumbnail
By clicking the 'Learn Free Now' button you agree to our Terms of Service and Privacy Policy
HTT Connor, arms crossed

In partnership with our recommended partner SwitchMarkets partnering broker logo


1Register with Switch Markets.
2Verify your identity.
3Unlock Trade Together program for free!
Learn More

"Join our Trade Together program and interact with us in real-time as we trade the markets together."

HowToTrade Coaches