"EUR/USD Pressure Amid USD Recovery"
Mis à jour
In Monday's Asian trading session, EUR/USD remained below the crucial 1.0600 mark. Traders, assessing developments in the Middle East, limited the pair's upward movement, as the U.S. Dollar gained strength amidst higher yields and a declining stock market. The EUR/USD exchange rate marked its third rise in four days, trading above the 20-day Simple Moving Average (SMA). Daily chart technical indicators signaled potential price increases, with the Relative Strength Index (RSI) climbing higher and momentum surpassing 100. A daily close above 1.0640 could pave the way for further gains, while a drop below 1.0500 might indicate further weakness ahead.
On the 4-hour chart, the pair displayed an upward trend, supported by technical indicators. As long as the pair stays above 1.0555, the upward momentum is likely to continue. Falling below this level could target support at 1.0530, possibly signaling the end of the current uptrend.
The main resistance level is observed at 1.0630, both a horizontal level and a downtrend line. This area currently limits profits. If the pair consolidates above this level, it could lead to further increases, with an initial target at 1.0675.
EUR/USD rates rose on Thursday, aiming for the highest daily close in over a week, despite market risk aversion driven by a weaker U.S. Dollar. However, the pair struggled to maintain above 1.0600, indicating existing challenges in the upward trajectory.
Germany is set to report its Producer Price Index (PPI) for September on Friday. The annual rate is expected to decrease from -12.6% to -14.2%. The next significant event will be the European Central Bank's (ECB) meeting next week. Markets predict that the benchmark interest rate will remain unchanged for the first time since June last year.
Economic data from the U.S. released on Thursday yielded mixed results. Initial jobless claims dropped below 200,000, yet continued claims rose to 1.734 million, hitting the highest level since July. Existing home sales decreased to 3.96 million, marking the lowest level in 13 years. The Philly Fed Manufacturing Index was at -9 in October, lower than the market consensus of -6.6. These figures didn't favor the U.S. Dollar. No major reports are scheduled for Friday.
Federal Reserve Chair Jerome Powell hinted at maintaining interest rates in the near future. He emphasized that inflation remains a risk. This aligns with recent Fed discussions, indicating a stance of stable interest rates if inflation continues to slow down and the economy doesn't show further strengthening. Stay tuned for ongoing updates on EUR/USD movements and global economic developments.
On the 4-hour chart, the pair displayed an upward trend, supported by technical indicators. As long as the pair stays above 1.0555, the upward momentum is likely to continue. Falling below this level could target support at 1.0530, possibly signaling the end of the current uptrend.
The main resistance level is observed at 1.0630, both a horizontal level and a downtrend line. This area currently limits profits. If the pair consolidates above this level, it could lead to further increases, with an initial target at 1.0675.
EUR/USD rates rose on Thursday, aiming for the highest daily close in over a week, despite market risk aversion driven by a weaker U.S. Dollar. However, the pair struggled to maintain above 1.0600, indicating existing challenges in the upward trajectory.
Germany is set to report its Producer Price Index (PPI) for September on Friday. The annual rate is expected to decrease from -12.6% to -14.2%. The next significant event will be the European Central Bank's (ECB) meeting next week. Markets predict that the benchmark interest rate will remain unchanged for the first time since June last year.
Economic data from the U.S. released on Thursday yielded mixed results. Initial jobless claims dropped below 200,000, yet continued claims rose to 1.734 million, hitting the highest level since July. Existing home sales decreased to 3.96 million, marking the lowest level in 13 years. The Philly Fed Manufacturing Index was at -9 in October, lower than the market consensus of -6.6. These figures didn't favor the U.S. Dollar. No major reports are scheduled for Friday.
Federal Reserve Chair Jerome Powell hinted at maintaining interest rates in the near future. He emphasized that inflation remains a risk. This aligns with recent Fed discussions, indicating a stance of stable interest rates if inflation continues to slow down and the economy doesn't show further strengthening. Stay tuned for ongoing updates on EUR/USD movements and global economic developments.
Transaction en cours
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.