FxWirePro: EUR/USD bulls gain momentum as traders take cues from Jackson hole developments

• EUR/USD surged sharply on Friday following a speech by the world's most influential central banker, which confirmed that the U.S. would soon begin cutting interest rates.

• In a speech at Jackson Hole, Fed Chair Jerome Powell stated that the time has come to cut interest rates, citing increasing risks to the job market that leave no room for further economic weakness and noting that inflation is approaching the Fed's 2% target

• Markets are fully priced for a 25 bp U.S. rate cut in September and see a cut at each of the Fed's three remaining meetings this year, and for one to be a larger 50 bp move.

•   Immediate resistance is located at 1.1185( 23.6%fib), any close above will push the pair towards 1.1218 ( Higher BB)

• Strong support is seen at 1.1103(38.2%  fib) and break below could take the pair towards 1.1073 (Aug 20th low).

  Recommendation: Good to buy around 1.1160, with stop loss of 1.1100 and target price of 1.1260