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In general, EURUSD experienced a significant increase yesterday, with a rise in price surpassing the 1.0840 level. It is currently trading at a new high of 1.0848, after reaching a milestone of 1.0860, marking a 0.02% decrease during the day. So, what are the reasons and factors that have driven this currency pair?
Regarding the influencing factors: EUR/USD has been trying to regain buying momentum and leave behind the slight decline from Friday's weakness, which has affected the US dollar and increased cautiousness ahead of the release of the US CPI PCE and EMU indices.
Regarding the new prospects for EURUSD: On the 1-hour chart, EURUSD is currently receiving strong support around the breakout level of 1.0840. Breaking below this level will lead to a significant price decrease, while maintaining this level will result in price increase. It is expected that the price will continue to recover after the correction phase and reach the lower limit of the upward channel and retest the EMA 34, 89 levels.
In general, EURUSD experienced a significant increase yesterday, with a rise in price surpassing the 1.0840 level. It is currently trading at a new high of 1.0848, after reaching a milestone of 1.0860, marking a 0.02% decrease during the day. So, what are the reasons and factors that have driven this currency pair?
Regarding the influencing factors: EUR/USD has been trying to regain buying momentum and leave behind the slight decline from Friday's weakness, which has affected the US dollar and increased cautiousness ahead of the release of the US CPI PCE and EMU indices.
Regarding the new prospects for EURUSD: On the 1-hour chart, EURUSD is currently receiving strong support around the breakout level of 1.0840. Breaking below this level will lead to a significant price decrease, while maintaining this level will result in price increase. It is expected that the price will continue to recover after the correction phase and reach the lower limit of the upward channel and retest the EMA 34, 89 levels.
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a modest US Dollar (USD) downtick is seen as another factor lending some support to the EUR/USD pair.
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EUR/USD maintains its bullish bias closes in on 1.0900 in the American session on Wednesday. The improving risk mood while Fed Chairman Powell testifies before House Financial Services Committee weighs on the USD and helps the pair push higher.
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EUR/USD is retreating from two-month highs toward 1.0900 in the European session on Friday. The pair rallied on Thursday, bolstered by prospects of movement from the ECB and an easing US Dollar on the back of a dovish tone from Fed Chair Jerome Powell. US NFP coming up next.
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The common currency has held up well since the start of the week despite the Dollar recovering some ground in G10, but we still see a return below 1.0900 as more likely than a rally to 1.1000+.
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Traders prefer to wait on the sidelines ahead of the key economic data from the US docket. Speeches from the ECB policymakers will be also closely eyed.
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