Market sentiment is improving, the euro is expected to continue to rebound, if breakthrough key resistance is expected to challenge the 1.11 pass.

  For the US dollar, September 4th (Wednesday) was a bad day, because the exchange rate of the US dollar against most major competitive currencies declined slightly. The euro has risen to more than 1.1030 against the US dollar, but it has not sustained a strong rally. Foreign exchange analysts said that the exchange rate may continue to adjust in the near future, if we can break through the next Fibonacci resistance level of 1.1045, then it is expected to challenge 1.1085 and 1.1120.

  The dollar is in a predicament because of the recession.

  

 

  During the European Conference, Christine Lagarde, the future president of the European Central Bank, delivered a speech at the economic and Monetary Affairs Commission of the European Parliament. She reiterated that for a long time, highly liberal policies were necessary in view of the continued downturn in euro area inflation. Foreign exchange trading agent

  It is worth noting that the PMI value of EU Markit services in August was revised upwards, while Germany and the European Union were 54.8 and 53.3 respectively.The EU's final composite PMI is 51.9, slightly higher than 51.8. In addition, as expected, retail sales in the euro area decreased by 0.6% in July, but increased by 2.2% compared with the same period last year.

  The US trade deficit in July was US $54 billion. In August, the ISM- New York business index declined from 50.8 last month to 50.8. Doves still adhere to the dovish position, and in general, they are cautious about the next step of the Fed's monetary policy. Nevertheless, in the afternoon of the local time, several Fed officials were nervously waiting for news, but nothing unexpected happened.

  Remind us that the key data that we need to pay attention to in the future include the ADP employment in August of September 5th at 20:15 in the US, and the US non farm employment report in August September 6th. It will also announce the non manufacturing PMI in ISM8 month, which is expected to rise from 53.7 to 53.9.If the data are disappointing, the market's worries about the US recession may further pressure the US dollar to sell.

  Foreign exchange analysts said the euro is slightly higher against the US dollar than the previous trading day, with a 38.2% decline at 1.1020, suggesting that the euro may continue to adjust in the near future. In the 4 hour chart, the exchange rate broke through the 20 day moving average for the first time in nearly a week, and the current moving average is the same as the 23.6% return position. Technical indicators are in positive value, and the euro is expected to rise further against the US dollar, especially if the exchange rate can break through the next Fibonacci resistance level of 1.1045.

  The euro's support position against the US dollar is 1.1000, 1.0955 and 1.0920, and the future resistance level is 1.1045, 1.1085 and 1.1120.